- The Summit Apartment Community is a rare opportunity for an investor to purchase a 100% occupied, 112 unit, 1985 constructed, multi-family community near Texas State University, in San Marcos, Texas. San Marcos is located in the beautiful Texas Hill Country and is home to Texas State University. Income Restricted - LURA in place and governs rents on all 112 Units
- Offered on Assumption of the exisiting in-place Loan.
- Accessibility - The property is conveniently located less than a 1/4 mile from IH-35 (the major thoroughfare in the area). The San Marcos business district is less than two miles north of the property and San Antonio and Austin are a short 20-30 minute commute from the Summit. The property has ingress and egress from and to Thorpe Lane. Less than 3 miles southwest of the Summit is the Medical Parkway which ends at Wonder World Drive which is also known as Hwy 12 / 3407 and is a major east / west artery in the area. The Central Texas Medical Center is located on Medical Parkway.
- Strong Rent Growth - San Marcos is one of the fastest-growing cities, not only in the Austin metro but in the entire state. Thanks to Texas State University and its ideal location along the I35 Corridor between Austin and San Antonio, development in the area has been booming in recent years. The San Marcos Outlets are one of the top employers in the state, and office and industrial employers like Amazon have followed suit in opening San Marcos locations. All of this has led to an influx of apartment demand, mostly fueled by young people. In fact, only one county in the country, Williams County, North Dakota, has seen its population growth outpace Hays County since 2010. As a result, developers are working on a number of projects across San Marcos.Located within minutes of some of the largest Employment Areas of Houston.