SAN MARCOS - Alex. Brown Realty Inc. and Asset Campus Housing announced the acquisition of a 152-unit student housing project near the main campus of Texas State University.
Currently known as University Springs, the 488-bed student housing property will be rebranded as The Reserve at West Ave. and undergo extensive capital improvements focused on strategic interior and exterior upgrades in order to refresh the property and correct deferred maintenance.
At closing, the property was 98 percent pre-leased for the upcoming 2015-2016 academic school year.
Built in 1998, the property's 152 units range from two-, three- and four-bedroom units.
"Once the capital improvements have been completed, we plan to restructure the lease rates and expense payments beginning in the 2016-2017 school year to bring the property in-line with the market," said Stephen Mitchell, EVP with Asset Campus Housing.
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