Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Uptown Square, a 316-unit, 512-bed, purpose-built student housing asset located adjacent to Texas State University (TXST) in San Marcos, Texas.
“One of the top 40 largest universities in the country, TXST San Marcos enrolled nearly 39,000 students in fall 2023, yet currently offers on-campus beds to only 17.6% of its students, driving more than 24,800 students to seek off-campus housing,” said Peter Katz, IPA executive director. “Completed in 2015, Uptown Square has consistently been a strong performer and was 98% occupied for the 2023-2024 school year.” Katz represented the seller, Oak Brook, Illinois-based Inland Private Capital. The property was purchased by Greystar for an undisclosed price. Tim Speck, senior vice president and division manager is Marcus & Millichap’s broker of record in Texas.
Uptown Square features a mix of studio, one- and two-bedroom floor plans with 100% bed-bath parity, fully equipped kitchens with granite countertops and stainless-steel appliances, in-unit washers and dryers, outdoor balconies, and high- speed Wi-Fi. Community amenities include a spacious clubhouse, computer lab, outdoor areas with flat-screen TVs and grilling stations, a resort-style pool, a sand volleyball court, pet park, and a fitness center.
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
