The Timbers, a 155-unit complex near Texas State University, demonstrates strong performance with 99.6% occupancy
News release
07 October 2024
JLL Capital Markets facilitates financing for prime student housing in San Marcos
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CHICAGO, Oct. 7, 2024 – JLL Capital Markets announced today that it has successfully secured refinancing for The Timbers, a 155-unit, 253-bed student housing complex in San Marcos, Texas.
JLL worked on behalf of the borrower, Orion Real Estate Partners, to arrange the loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.
The Timbers is situated at 900 Peques St., a prime location near Texas State University with convenient access for students. This property enjoys close proximity to "The Square" which is Downtown San Marcos' vibrant hub. The area is characterized by locally-owned shops, restaurants and nightlife spots, catering to the student population.
San Marcos, situated between Austin and San Antonio, has experienced significant growth since 2010, with its population increasing by over a third. With a median age of 25, San Marcos is heavily influenced by Texas State University's presence. Reflecting the student-centric demographics, 64% of residents in the immediate area opt to rent rather than own.
The Timbers offers one-, two- and three-bedroom apartments with modern amenities. Units feature stainless steel appliances, hardwood-style flooring, in-unit washer/dryer, spacious walk-in closets and private balconies. Select apartments offer wood-burning fireplaces and vaulted ceilings. Community facilities include a clubhouse with flatscreen TV and arcade, pet park, full-court basketball, 24-hour fitness center, BBQ station and a swimming pool overlooking downtown San Marcos.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Director Dan Kearns, Vice President Patricia Heminger, Associate Rebecca Brielmaier and Analyst Katia Novi.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Orion Real Estate Partners
Orion Real Estate Partners is a private real estate investment firm with offices in Los Angeles, Denver and Austin, specializing in value-add multifamily assets in select Western US markets with strong demographics and job growth. The firm employs proven institutional processes to source and manage investments, aiming to deliver attractive returns for investors through its focus on markets with robust economic fundamentals and its expertise in optimizing underperforming properties.