S3 Capital has originated a $116 million acquisition and construction loan for a new student housing community planned near Texas State University in San Marcos, Texas. The project is being developed by Elevate Development Partners and is designed to cater specifically to the growing population of Texas State students. Flintco has been selected as the general contractor and will oversee construction of the purpose-built community.
Upon completion, the development is expected to include 260 residential units offering a total of 759 beds. The unit mix is tailored to student living, with fully furnished apartments that incorporate dedicated study spaces and modern furnishings. The scale of the project is intended to address demand generated by Texas State’s recent growth while providing housing options within close reach of the university.
Texas State University enrolled a record 44,596 students in fall 2025, representing a 9.6% year-over-year increase and marking the institution’s fifth consecutive year of record enrollment. This sustained expansion has driven heightened demand for beds in the university’s orbit, helping support new off-campus housing supply such as Elevate’s planned community.
The property’s amenity program is heavily oriented toward academic support and student lifestyle. Planned interior amenities include multiple study lounges, a resident social lounge, a bicycle room, and a secured mail and package room. Residents will also have access to wellness and recreation features such as a swimming pool, yoga and wellness room, and a fitness center. Conference rooms are expected to provide additional spaces for group work and meetings, complementing the in-unit study areas.
On the capital markets side, Walker & Dunlop Capital Markets Institutional Advisory arranged the financing on behalf of the clients. The advisory team was led by Sean Reimer, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, and Dustin Stolly, who structured the transaction between Elevate Development Partners and S3 Capital. The loan proceeds will support both the acquisition of the site and the ground-up construction of the student housing community.
The project adds a sizable, amenitized housing option near Texas State University at a time when enrollment trends are moving higher. With capital secured and a builder in place, Elevate Development Partners is positioned to advance the development in response to the university’s recent record-setting growth.
