316-Bed Dakota Ranch Sells to New York Buyer

Dakota Ranch, a 316-bed student housing property serving Texas State University, sold to Alden Street Capital, which is headquartered in New York City. Alex Brown Realty sold the asset in San Marcos, TX for an undisclosed amount. The property was assessed at $14.4 million.

The 17-acre Dakota Ranch, at 1818 Old Ranch Rd. 12 (one mile west of Texas State University), delivered in 2002 and offers one, two and three-bedroom units ranging from 523 to 1,111 square feet. Outdoor amenities include a resort-style swimming pool and fountain, an outdoor kitchen, dog park, sand volleyball court and grilling area. Additional amenities include updated business and fitness centers, and free cable and high-speed internet.

CBRE’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer brokered the transaction, while Benjamin Roelke, also with CBRE, arranged the long-term financing on behalf of the buyer. Financing came through CBRE’s Fannie Mae Delegated Underwriting and Servicing (DUS) program, CBRE Multifamily Capital Inc.

For comments, questions or concerns, please contact Amy Sorter