BWE secured a $23.5 million loan to finance the acquisition and substantial improvement of The Edge, a 173-unit, 553-bed student housing community near the campus of Texas State University in San Marcos, Texas.
Chris Carroll, senior vice president, and Max Miller, senior analyst, both in BWE’s Chicago office, originated the financing on behalf of Campus Realty Advisors, a longtime BWE client.
The acquisition comes as Texas State sees a surge in enrollment, which has increased by 5% over the last year to bring the entire student body above 40,000.
The Edge features a mix of 1-, 2-, 3-, and 4-bedroom apartments and offers students a wide range of amenities, including a fitness center, clubhouse, and basketball court. The community is located less than a mile from the Texas State campus and features a dedicated campus bus stop, giving residents easy access to classes and other areas of campus.
As part of the acquisition, The Edge will receive numerous upgrades to improve the residents’ experiences. All units will receive new flooring, cabinets, and doors, upgraded bathroom fixtures, and improved lighting. The clubhouse, study areas, fitness center and other amenities will also receive major improvements to enhance the students’ sense of community.
