Green Spring

Investment Overview

A 32-Unit / 52-Bed Community Minutes from Texas State University

Investment Highlights

• Rare 2016-vintage, small-balance opportunity in ideal San Marcos location: 32-unit (52-bed), three-story community offering newer construction at a basis well below replacement cost
• Located five minutes (2.0 miles) from Texas State University, with a record 47,513 students enrolled for the Fall 2026 semester – up 7% YoY and marking back-to-back record years (44,596 in Fall 2025, +9.6%) (Texas State, 2026)
• Convenient student transit: direct access to Bobcat Shuttle Route 23 (Post Road) with first-stop pickup/drop-off and 5–7 minute peak-hour service to the Quad Bus Loop on campus
• Since the 2020–2021 academic year, average student housing effective rents for Texas State University have climbed 25%, with the two most recent academic years marking the strongest gains: 12.7% growth in 2023–2024 and 7.7% in 2024–2025 (RealPage, 2025)
• Limited supply submarket: 0 properties under construction within a two-mile radius
• San Marcos is one of the fastest-growing cities in the U.S., with a population increase of 50% from 2010 to 2020 and a further ~15% since (77,830 as of July 2025, U.S. Census), driven by the booming IH-35 growth corridor and its location between Austin and San Antonio and a combined population of 5,000,000+
• Central location: minutes from IH-35, The Square, the San Marcos River, and San Marcos Premium Outlets, with the San Marcos Amtrak station 7 minutes away
• Tremendous upside opportunity: a new owner may enhance unit interiors with higher-end finishes including quartz kitchen countertops, undermount sinks, new cabinet fronts and pulls, updated lighting and plumbing fixtures, framed bathroom mirrors, Nest thermostats, keyless entry, home tech package, etc.