The Opportunity
ASSET HIGHLIGHTS
- Best-in-Class Community Pedestrian to Texas State University
- Flourishing Retail & Nightlife at Residents Front Doorsteps
- Endeavor Developed and Exceptional Reputation in the Market to Further Drive Renewals and Rental Growth
- Highest Quality Finishes and Amenities in the Market
- Pre-leased to 100% before June
MARKET HIGHLIGHTS
- Texas State Fall 2018 Enrollment of 38,661 - 32 % enrollment growth since Fall 2008
- Freshman Class of 6,200 for Fall 2019 which will be the 7th consecutive record freshman class
- On-campus capacity for 6,854 students leaving 82.3% of students looking for housing off campus
- Ingram Hall Opened Fall 2018 – $120M Development housing College of Science & Engineering increasing degrees offered
ADDITIONAL UPSIDE
- The property leased up significantly ahead of the market, showing an opportunity for substantial rent increase in year two
- Parking Income expectations grew significantly during lease-up forecasting growth for year two
- Other Income Opportunities like Pet Fees, Storage Income are immediately captured with a new buyer
- As retail is stabilizing, purchaser has opportunity to influence long term retail tenants serving renter base
The Property
The Lyndon at Springtown is the most dynamic student housing development to emerge in the San Marcos market. Transformed from a struggling and dark power center, Endeavor Real Estate Group has reimagined luxury student living and set a new precedent for best-in-class at Texas State University. Every aspect of the asset evokes superlatives! The modern 233-unit, 515-bed, mid-rise, student housing apartment community built in 2019 and located within walking distance of the Texas State University will be the first development in over six years to deliver on-time. The appetite from the students for housing of this quality is undeniable at the speed at which the asset pre-leased, significantly outpacing the market.
This contemporary property contains a five-story building on 6.55 acres of land with a density of 78.63 beds per acre. The Lyndon at Springtown encompasses a desirable unit mix comprised of 82 one-bedroom / one-bathroom units measuring 579 square feet each, 45 two-bedroom / two-bathroom units spanning 897 square feet each, 41 two-bedroom / two-bathroom units covering 947 square feet each, 33 four-bedroom / four-bathroom units occupying 1,359 square feet each, and 31 four-bedroom / four-bathroom units containing 1,540 square feet each, for a total of 510 beds with an average unit size of 933 square feet.
property amenities
UNIT Amenities
- Fully Furnished Apartments with Custom University Furnishings Furniture Package
- Premium Cable and 1G High-Speed Internet per Unit
- Fully Equipped Kitchen includes Energy Efficient Stainless-Steel Refrigerator, Dishwasher, Range, 3cm Quartz Countertops and Tile Backsplash
- Full-Size Whirlpool Front Load Washer and Dryer
- Individual Schlage Bluetooth / Electronic Controlled Unit / Bedroom Access
- 55” TV in Every Living Room
- Personal Desk, Storage, Walk-In Closets and Private Access Bathrooms in Every Bedroom
- Sound Reduction via Acoustical Underlayment beneath Plank Flooring and STC 33 Windows
- Modern Ceiling Fans in Living and Bedrooms
- Private Bedrooms and Bathrooms*
*In Select Units
COMMUNITY Amenities
- Centrally Located in the Springtown Shopping Center with Dedicated Paseo for Resident Entry
- Club & Recreation Room with Media Wall
- Laptop Lounge with iMacs, PCs, and Printing Capabilities
- Private Study Rooms and Open Study Suites
- Fully Equipped Fitness Center with High Intensity Training Zone
- Resort Pool with Full Outdoor Kitchen
- Expansive Lounge Space with Poolside Cabanas and a Jumbotron
- Outdoor Fitness Area with Covered Outdoor Study Lounge
- Game Cave, Sand Volleyball and Outdoor Games
- Reserved Parking, Surface Parking, and On-site Garage with Skyway Access
- Electronic Controlled Access with Video Monitoring
- Resident Specific TV Connectivity Throughout (AppleTV, Chromecast, etc…)
- First Stop on Texas State Shuttle Route
- Multiple Trash Chutes
- Pet Friendly with Pet Park
- 24-Hour Emergency Maintenance
retail and entertainment
The Lyndon is surrounded by numerous dining and entertainment options as Springtown Center has become the secondary nightlife option outside of The Square. Whether you’re looking to hang out with friends at The Spot Cinema Eatery & Social Haus or grabbing dinner at local favorite Kobé or Hopdoddy, the revamped retail line-up has an eclectic tenant line-up. The Spot fully equipped for in theater dining and reclining seats offers patrons various alternatives from bowling lanes to an arcade room to a full bar and restaurant. Off the heels of The Domain in North Austin, Endeavor has an eye for mixed-use development, and has brought Chuy’s and Tiff’s Treats along with many other Austin favorites to San Marcos opening their first location in the Springtown Center. With a dedicated resident paseo through the retail, residents at The Lyndon have multitudes of entertainment and lifestyle options at their front door.
texas state university
Founded in 1899 as Southwest Texas State Normal School, Texas State University (Texas State or TXST) is a four-year public university and an emerging research institution. Texas State's main campus is located in the Texas Hill Country on the banks of the San Marcos River, with its Round Rock Campus situated 52 miles northeast.
As a key driver in the local economy, Texas State University employs 3,738 full-time faculty and staff members. According to a recent study, TXST generates an annual economic impact of $1.1 billion in Hays County, contributing to a total economic impact of $2.2 billion in the state; $1.4 billion is attributed to direct, indirect, and induced spending by Texas State students and visitors, while the remaining $822 million results from university and employee spending. Overall, Texas State University activity creates more than 29,000 jobs in Texas, over 17,000 of which are in Hays County.
Texas State University welcomed a total of 38,644 students in the fall of 2018, 36,660 of which enrolled at the main campus in San Marcos and 1,984 of which enrolled or co-enrolled at the Round Rock Campus. Of the total student body at the start of the 2018 academic year, 34,187 were undergraduate students and 4,457 were seeking graduate or professional degrees. Culturally diverse in nature, 53% of students enrolled at Texas State University are historically underrepresented minorities. University on-campus housing can only accommodate 6,854 students, leaving 82% of students in need of off-campus housing, making TXST a major source of apartment demand.