May 20, 2024

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The Preiss Co. recapitalizes Greater Austin student housing asset

2 min read

Outpost San Marcos is undergoing a renovation program worth $3.3 million.

The Preiss Co. completed the recapitalization for Outpost San Marcos. This 486-bed community is located in San Marcos (Texas), adjacent to Texas State University. Yardi Matrix shows that the firm purchased the property in 2015 in a joint-venture with Critterion Holdings, LLC after receiving a loan of $15.7 million from Deutsche Bank.

The Preiss Co. plans a $3.3-million renovation program that will include upgrades to the internet, siding, roofing, cabinets, countertops, flooring and furniture, along with an amenity overhaul of the clubhouse.

The property was completed in 2004 and consists of five buildings, each with pet-friendly two, three, and four bedroom apartments. Each apartment is 1,149 square feet in size and has a private balcony, in-unit washing facilities, and Smart TVs. The community amenities include a heated swimming pool, a fitness center, a business center, a basketball court, a breakfast alley, and grilling stations.

The community, located at 1647 Post Road is only 1.5 miles from the Texas State University Campus and Bobcat Stadium. Two miles away, you’ll find a Walmart Supercenter and several dining and retail outlets. San Marcos’ city center is less than 2.5 miles to the southwest of Outpost San Marcos.

After nine months of planning, the deal is TPCO’s first investment for 2023. The company recapitalized campus edge last year, a community of 546 beds in Raleigh, N.C. adjacent to North Carolina State University. The firm was recently awarded Management of three properties totaling 1,887 bed in Columbia, S.C. Charlotte, N.C. and Denton, Texas.

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