Estraya Boerne
A stabilized Texas Hill Country apartment community acquired at an attractive basis with meaningful sponsor alignment, long-term fixed-rate financing, and 100% property tax abatement.
Audio Investor Brief
Estraya Boerne · 4 min listen
14.4%
Target LP IRR
6.5%
Target Cash-on-Cash
1.90x
Target Equity Multiple
$25K
Minimum Investment
Offering Overview
Steadfast Direct is pleased to present an exclusive investment opportunity in Estraya Boerne, a 288-unit, Class A multifamily community located in the rapidly growing city of Boerne, Texas — within the scenic Hill Country just north of San Antonio.
The property was acquired off-market in August 2024 under pressured seller conditions stemming from the maturity of a construction loan. Since acquisition, Steadfast has stabilized the asset, secured long-term fixed-rate Freddie Mac financing, and is now offering this opportunity to a select group of direct investors.
Estraya Boerne benefits from a 75-year Public Facility Corporation (PFC) ground lease, providing 100% property tax abatement — significantly enhancing cash flow and potential investor returns. The sponsor has committed its own capital, completed lease-up to over 95% occupancy, and mitigated key risks prior to offering participation to limited partners.
Why We Like This Deal
Acquired ~20% Below Replacement Cost
Rare opportunity to buy institutional-quality real estate well below what it would cost to build today.
100% Property-Tax Abatement
75-year PFC ground lease saves ~$1M/year in expenses, dramatically enhancing NOI and investor yield.
28% Sponsor Co-Investment
Steadfast puts its own capital in first — aligning interests and demonstrating conviction in the deal.
Freddie Mac Fixed-Rate Loan at 5.59%
Long-term fixed-rate debt locks in low-cost financing and eliminates refinancing and rate risk.
Stabilized at 95%+ Occupancy
Key execution risk has already been mitigated prior to this offering being made available to LP investors.
Vertically Integrated Management
Steadfast's in-house team handles leasing, operations, budgeting, reporting, and maintenance.
"We know what it costs to build. This was a rare opportunity to buy institutional-quality real estate well below replacement cost."
Bill Stoll
Chief Investment Officer, Steadfast
Property Description
Estraya Boerne is a recently constructed, Class A multifamily community located in the heart of Boerne, Texas — an affluent and fast-growing suburb of San Antonio. Completed in 2023, the property consists of:
- 288 units across eight three-story, garden-style buildings
- Situated on 16 acres of landscaped grounds
- Built with high-quality wood-frame construction
- Central clubhouse, resort-style amenities, and expansive outdoor space
- Located within The Commons at Menger Creek, a master-planned development
Interior Highlights
- Chef-inspired kitchens with granite countertops and islands
- Energy-efficient stainless steel appliances
- Full-size washer/dryer in every unit
- Faux wood plank flooring
- Brushed nickel hardware and designer lighting
- Optional private fenced pet yards
Community Amenities
- Resort-style pool with sun deck and lounge seating
- Clubhouse with co-working space and high-speed internet
- State-of-the-art fitness center
- EV charging stations
- Pet spa and dog park
- Hammock lounge and outdoor grilling areas
Construction & History
Q1 2023
Property delivered by third-party regional developer
Aug 2024
Acquired by Steadfast off-market at ~20% below replacement cost
Late 2024
Freddie Mac fixed-rate loan placed at 5.59%; stabilization completed
Today
95%+ occupancy · Open to LP investors via Steadfast Direct
Location & Market
Boerne, Texas, located in Kendall County, is one of the most desirable residential submarkets within the San Antonio region. Known for its scenic Hill Country beauty, top-ranked schools, and high-income demographics, Boerne blends small-town charm with access to major employment hubs. Steadfast's acquisition thesis is anchored in Boerne's strong fundamentals — sustained demand, constrained supply, and minimal new multifamily deliveries expected in 2025 and beyond.
130 Gallant Fox, Boerne, TX 78006
"Boerne is not where people end up — it's where they aspire to live."
— Bill Stoll, CIO
Key Economic Drivers
$105,400+
Median Household Income
>$550,000
Average Home Price
Top 5% statewide
School District Ranking
20–25 minutes
Distance to San Antonio
Rapidly expanding
Population Growth
Kendall County, TX
County
Related Articles
Terms at a Glance
Download Due Diligence Packet* Target returns are projections only and are not guaranteed. Investing in private real estate involves significant risks, including loss of principal. Past performance is not indicative of future results.
About Steadfast
Founded in 1994 by Rodney Emery, Steadfast Companies is a privately held, vertically integrated real estate investment, development, and management firm based in Irvine, California. With over three decades of operating history and deep expertise in multifamily housing, Steadfast has completed more than $8 billion in real estate transactions across market-rate, affordable, and mixed-income communities.
33.1%
Avg. IRR on realized multifamily deals
$8B+
Real estate acquired
30+
Years in multifamily
Firm Highlights
- 55,000+ units acquired, managed, or developed since inception
- $1.7B+ in equity raised across three non-traded REITs and other private offerings
- 50+ privately sponsored investment programs raising more than $300M
- Full-cycle REIT execution — merger with Independence Realty Trust (IRT), top 20% in peer group
- Strong institutional relationships with Blackstone, IRT, and UDR
- 120 employees nationwide — in-house management, construction, acquisitions, and IR teams
Returns Calculator
Estimate your returns*
Drag the slider or enter an amount to model your projected distributions.
Cash Yield · 6.5%*
Total Targeted Return · 14.4% IRR*
* Important disclosures — projections are not guarantees Read full disclosures ↓
The figures shown by this calculator are hypothetical projections, not guarantees of future performance. They are illustrative only, based on the Estraya Boerne offering's target return profile as currently underwritten, and are intended to help prospective investors understand potential return scenarios — not as a forecast, prediction, or representation of any actual return any investor will receive.
Key assumptions and risks
- Target returns are estimates. The 6.5% target cash-on-cash yield, 14.4% target IRR, and 1.90x target equity multiple reflect Steadfast's underwriting assumptions at the time of offering. Actual returns will depend on many factors including property performance, market conditions, occupancy, rent growth, expense management, financing terms, capital expenditures, regulatory changes, and the timing and method of exit. Projections may not be realized and could differ materially.
- Distributions are not guaranteed. All distributions are subject to available cash flow and the discretion of the General Partner. Quarterly distributions may be deferred, reduced, or suspended.
- 5-year hold is a target, not a commitment. Actual hold period may be shorter or longer based on market conditions and disposition strategy.
- Risk of loss. Private real estate investments are illiquid, speculative, and involve a high degree of risk, including loss of principal. Interests are not publicly traded and cannot be easily sold or transferred.
- Forward-looking statements. Statements about future events, performance, or returns are forward-looking and inherently uncertain. Actual results may differ materially from those projected.
- Past performance does not guarantee future results. Steadfast's historical track record is not a representation of returns on this or any future offering.
- Taxes are not modeled. Depreciation pass-through, capital gains treatment, and other tax outcomes depend on each investor's individual circumstances. This calculator does not account for federal, state, or local taxes. Consult your tax advisor.
- Not investment, legal, or tax advice. Nothing on this page, including the calculator output, constitutes investment, legal, accounting, or tax advice. Prospective investors should consult their own qualified advisors before making any investment decision.
- Read the offering documents. This calculator is a marketing illustration only and does not contain all information necessary to make an investment decision. Prospective investors must review the complete Private Placement Memorandum (PPM), Operating Agreement, Subscription Agreement, and all supplemental disclosures before subscribing. In the event of any inconsistency between this calculator and the offering documents, the offering documents control.
- Accredited investors only. This offering is made under Rule 506(c) of Regulation D under the Securities Act of 1933 and is available only to verified accredited investors as defined by SEC rules.
Steadfast Direct is the marketing platform of Steadfast Companies. Securities are offered pursuant to applicable exemptions from registration under federal and state securities laws. Nothing on this site constitutes an offer to sell or a solicitation to buy securities in any jurisdiction where such an offer or solicitation would be unlawful.
Funds held in escrow. Secured via Steadfast Direct investor portal.
Investor Relations
Talk to our IR Team
Have questions about terms, structure, or fit? Our investor relations team walks you through the offering one-on-one — no obligation, no sales pressure.
Schedule a Call
30-minute intro calls available Monday–Friday, 9am–5pm PT.
Email Us Directly
invest@steadfast-direct.com — typically responds within one business day.
Call Us
(949) 710-5899 — speak directly with our IR team.
Download Offering Materials
The full investor packet — PPM, financial model, sponsor track record — will be emailed to you within minutes.