1805 Aquarena Springs Dr San Marcos, TX 78666

Riverside Ranch, a 268-unit multifamily property in San Marcos, TX, presents a compelling value-add opportunity. This 170,936 square foot complex, built in 1987, sits on 12.24 acres and features 19 two-story buildings constructed of brick and plank siding with pitched roofs. Currently operating at 34.41% occupancy, the property offers a mix of 36 studio, 128 one-bedroom, and 104 two-bedroom units, totaling 372 beds. While currently rented on a per-bed basis, the property can also be rented as individual units, catering to a diverse tenant base. Its location just over a mile from Texas State University, which boasts over 40,000 students (2024 enrollment), and convenient access to I-35, provides significant potential for increased occupancy. The property includes attractive amenities such as a pool, fitness center, clubhouse, basketball and tennis courts, gazebo, outdoor grills, and a shuttle service to the university. The property is zoned MF-24 and offers significant upside potential given its location, amenities, and the rapidly growing population in the area (projected 6% growth within 5 miles). This presents a unique chance to reposition this asset as either a traditional apartment complex or a thriving student housing community.