San Marcos, Texas — Sanctuary Lofts, an off-campus student housing community in San Marcos that serves students of Texas State University, has been sold in a REO transaction. The three-building property contains 487 beds in 201 units. It was redeveloped in 2006 from its former use as the First Baptist Church. Amenities include a fitness center, a pool, a game room, a club room, a chapel and tanning beds. Occupancy was 97 percent at the time of closing. American Campus Communities was the buyer. Chris Epp and Chris Bancroft of the National Student Housing group of Apartment Realty Advisors represented the seller, a CMBS trust.
— Coleman Wood