Uptown Square acquired by Inland Real Estate Group
January 04, 2016
SAN ANTONIO, TEXAS – Casey Development, Ltd. announced today it has completed the sale of Uptown Square Apartments, a 512-bed, luxury student housing apartment community located in San Marcos, TX. The buyer, Inland Real Estate Group, Inc., is an Oak Brook, Illinois-based commercial real estate and finance firm that specializes in commercial real estate acquisitions, brokerage, development, and management. Terms of the transaction were not disclosed.
Developed and constructed in 2015 by Casey Development, Uptown Square provides residents a true upscale student housing living experience. Located near Texas State University, the fourth largest public university in Texas, Uptown provides residents with 9-foot ceilings, granite countertops, oversized closets, upgraded stainless steel appliances, crown molding and private patios/balconies. Resort-style property amenities include a 24-hour 3,000 square foot state-of-the-art fitness center, a clubhouse, study rooms, a computer lab, a tanning bed, and a Las Vegas style pool area that features a sand volleyball court and an outdoor cabana kitchen/lounge. Occupancy was above 97% at the time of the sale.
Darren Casey, President of Casey Development, said “We have a deep understanding of the San Marcos market and all that Texas State University has to offer for both students and developers alike. While we always strive to build a “best-in-class” project, we sensed the demand for an upscale student-living experience that San Marcos was lacking. With the growth that Texas State has exhibited over the last five years and the projections for how enrollment will continue to trend over the next decade, we were confident that we would be able to provide both an exclusive product to the market as well as returns to our investors that exceeded our projections. We look forward to executing in a similar fashion on our downtown San Marcos project on Concho Street.”