REIT pays $22M for Vantage at San Marcos

SAN MARCOS - Steadfast Income REIT purchased Vantage at San Marcos for $21.85 million or $91,042 per unit. The four-year-old, 240-unit complex, 1350 Saddler Dr., is 91 percent leased.

The 12 three-story buildings offer up to three-bedroom units. Average rents in-place are $919.

The buyer will rename the complex Springmarc Apartments as part of an agreement with the seller, American Opportunity for Housing Inc.

San Marcos is home to Texas State University and its 35,000 students. The local economy is primarily driven by retail with Prime Outlets San Marcos and Tanger Outlet Center helping San Marcos take the third spot as the largest tourist destination in Texas (after the Alamo and NASA).

Read more at Steadfast Income REIT.