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Apartment Homes San Marcos, Texas

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Apartment Homes San Marcos, Texas STATE FLATS APARTMENT HOMES ★ SAN MARCOS, TEXAS OFFERING SUMMARY INVESTMENT SUMMARY INVESTMENT HIGHLIGHTS HFF has been exclusively retained to offer an opportunity for qualified investors to purchase the fee simple interest in DESIRED LOCATION State Flats (The “Property”), a two-story garden apartment community located in San Marcos, Texas. Built in 1974, State In 2015, San Marcos was ranked the fastest-growing city in the Flats is comprised of 162 units in 29 buildings on a spacious, highly visible 7.88-acre site. Prominently positioned along country for the third year in a row. San Marcos is situated between Interstate Highway 35 at Aquarena Springs Drive, the property offers convenient access to Texas State University and Austin and San Antonio along the Interstate 35 corridor fostering the San Marcos Outlet Malls, who together employ more than 5,400 employees. Ideally situated between Austin and an economy that offers job opportunities in both markets. Sitting San Antonio, two of Texas’ largest and fastest growing metros, San Marcos is experiencing explosive population and job at the crossroads of several transportation routes, major interstate growth, thus fueling renter demand for the area. Currently 97.5% occupied, State Flats presents investors with strong highways connect San Marcos east to west and north to south. The in-place cash flow with tremendous value-add opportunities to enhance revenue via interior and exterior renovations. proximity of Texas State University, the San Marcos River and Outlet Malls make the city a highly desirable place to live. VALUE-ADD OPPORTUNITIES State Flats offers investors an excellent opportunity to enhance PROPERTY OVERVIEW revenue. Competing renovated properties such as Riverside Ranch have seen rent increases of $100/month, proving renter demand Address: 1640 Aquarena Springs Dr. exists for upgraded units and amenities. State Flats also presents San Marcos TX, 78666 a covered land play opportunity given the size of the parcel, low Number of Units: 162 density development, and irreplaceable location. STUDENT HOUSING CONVERSION Year Built: 1974 While located within one mile of Texas State University, State Occupancy: 97.5% Potential Unit Upgrades: Potential Exterior Upgrades: • Continue Installation of Vinyl • Modernize Leasing Office Average Unit Size: 811 SF Plank Flooring Program • Replace Outdated Grills • Upgrade Appliances, • Upgrade Outdoor Common Rentable SF: 132,008 SF Hardware and Fixtures Areas Site Area: 7.88 Acres • Replace Cabinets or Cabinet • Landscaping Enhancements Faces • Modernize Mansard Roof • Add Washers & Dryers or with Metal Overlay Combo (European) Machines Flats is currently leased by the unit, offering investors the unique opportunity to maintain operations in a conventional fashion or move to a “by-the-bed” leasing environment. PROXIMITY TO TEXAS STATE UNIVERSITY State Flats is within walking distance of campus bus stops and a short bike ride away from Texas State University. The apartment community offers residents unrivaled access to San Marcos’ largest economic hub and the luxury private off-campus residences provide. Texas State University has an enrollment of more than 38,000 students. DEMOGRAPHIC HIGHLIGHTS San Marcos’ population has grown more than 30% since 2010 due to the evolution of the “mega region” being formed between Austin and San Antonio. Approximately 60% of the population is within the prime renter’s age bracket of 18-34. 2 3 TO SAN MARCOS OUTLET MALLS Texas State University Sewell Park Walgreens Five Guys H-E-B Spring Lake opkins St Freebirds East H P Bobcat Stadium os t Rd r D s g n ri p Walmart S a n e r a u q A SAN MARCOS Sonic FASTEST GROWING CITY IN THE U.S. FOR THE 3RD YEAR IN A ROW 30% Population Growth since 2010 WITHIN 3-MILE RADIUS POPULATION GROWTH AGE 60% 18-34 16% 9% 60% of population is within 2010-2016 2016-2021 the prime renters age ADDITIONAL INFORMATION If you have any questions or require additional information, please contact any of the individuals below. MATT POHL FORREST BASS 500 West 5th Street Director Director Suite 1200 [email protected] [email protected] Austin, TX 78701 USA 512-532-1929 512-532-1964 512-532-1900 512-532-1901 www.hfflp.com DEBT STRUCTURES INFORMATION: SPENCER ROY CASEY WENZEL Real Estate Analyst Director [email protected] [email protected] 512-532-1977 512-532-1923 ©2016 Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. Holliday Fenoglio Fowler, L.P. (“HFF”) has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change..
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