The Preiss Co. has completed the recapitalization of Outpost San Marcos, a 486-bed student housing community in San Marcos, Texas, adjacent to Texas State University. The firm acquired the property back in 2015, in a joint venture with Criterion Holdings LLC, after landing a $15.7 million loan provided by Deutsche Bank, Yardi Matrix data shows.
The Preiss Co. is planning a $3.3 million renovation program set to include internet upgrades, new siding and roofing, updates to cabinetry, countertops, furniture and flooring, as well as an amenity revamp of the clubhouse.
Completed in 2004, the property comprises five buildings with two-, three- and four-bedroom pet-friendly apartments, averaging 1,149 square feet, with private balconies, in-unit laundry facilities and Smart TVs. Community amenities include a swimming pool with a hot tub, fitness center, business center, basketball court, breakfast alley and grilling stations.
Located at 1647 Post Road, the community is within 1.5 miles of the Texas State University campus and Bobcat Stadium. Several dining and retail options, including a Walmart Supercenter, are within 2 miles of the property. San Marcos city center is also less than 2.5 miles southwest of Outpost San Marcos.
The deal marks TPCO’s first investment of 2023, after nine months in the making. Last year, the company recapitalized Campus Edge, a 546-bed community in Raleigh, N.C., adjacent to North Carolina State University. Recently, the firm has been awarded the management of three properties, totaling 1,887 beds in Columbia, S.C., Charlotte, N.C., and Denton, Texas.
