SAN MARCOS – A joint venture organized by Alex. Brown Realty, Inc. (ABR) and Asset Campus Housing (ACH) has acquired Dakota Ranch in an off-market transaction.
The 316-bed student housing property at 1818 Old Ranch Rd. 12 near Texas State University was built in 2003. It contains 188 apartment units in ten three-story buildings on 17 acres.
At closing, the property was 99 percent leased.
Dakota Ranch represents the fifth joint venture between ABR and ACH. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $5.9 million in the joint venture.
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