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Riverside Ranch 1805 Aquarena Springs Dr

268 Unit Apartment Building For Sale San Marcos, TX 78666

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Investment Highlights

Located just over 1 mile from Texas State University
Convenient access to I-35
Great tenant amenities including a shuttle bus to campus

Rapidly growing population - 6% projected growth within 5-miles
Strong student housing occupancy at 91.8%
Opportunity to operate as student housing or a traditional apartment

Executive Summary

Riverside Ranch is a quasi-student housing complex located in San Marcos, Texas. The property is currently 34.41% occupied and operates on a rent by the bed model but will also rent out entire units depending on tenant preference. In total the property has 372 beds in 268 units. The unit mix includes 36 studio apartments, 128 one-bedroom units, and 104 two-bedroom units. Riverside Ranch is conveniently located 2 miles from Texas State University, which had record breaking enrollment in 2024 with over 40,000 students. A key convenience and amenity of this property is the shuttle service to and from campus which is just over a mile away. Built in 1987, constructed of brick and plank siding with pitched roofs. The property was originally constructed as a standard market-rent complex and was converted to student living. The current tenant profile is mostly non-students, but property is still rented “per bed”. The property offers ample amenities including a pool, fitness center, clubhouse, basketball court, tennis court, gazebo, and outdoor grills.

Property Facts

Sale Type	Investment	Lot Size	12.24 AC
Sale Conditions	REO Sale	Building Size	177,760 SF
No. Units	268	Average Occupancy	28%
Property Type	Multifamily	No. Stories	2
Property Subtype	Apartment	Year Built	1987
Apartment Style	Garden	Parking Ratio	3.38/1,000 SF
Building Class	C	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Sale Type	Investment
Sale Conditions	REO Sale
No. Units	268
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Garden
Building Class	C
Lot Size	12.24 AC
Building Size	177,760 SF
Average Occupancy	28%
No. Stories	2
Year Built	1987
Parking Ratio	3.38/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.