San Marcos, Texas — Cardinal Group Cos. and TPG Real Estate Partners have acquired The Village on Telluride, a 1,116-bed student housing community located near Texas State University in San Marcos.
Built in 2011, the property offers 385 units alongside shared amenities including two resort-style swimming pools, an upgraded two-story fitness center and a fully renovated clubhouse.
The new ownership plans to begin renovations on the community, including the addition of in-unit furnishings, appliance upgrades, the replacement of existing countertops and fresh cabinet finishes, repainting and the addition of upgraded flooring; updates to the property’s poolside grilling station and pool area; and the expansion of the community’s basketball court.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the transaction. CBRE’s capital markets team advised on debt for the acquisition. The property will be managed by Cardinal Group Management with value-add construction managed by Cardinal Group Construction. The seller and terms of the transaction were undisclosed.