Estraya Boerne:
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 under a 75-year Public Facility Corporation (PFC) ground lease, which provides 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 acquisition risks prior to offering participation to limited partners.
What we like about the Estraya Boerne deal
- Maintaining occupancy in the 95–96% range
- Conservative underwriting: 2.5–3% rent growth annually beginning in year 2
- Reduce leasing concessions as supply and
demand balance out in the coming year - Market-driven upside in 2026–2028 as new supply dwindles
- Balanced leasing strategy:
- 50% of units at market rate
- 50% priced at ≤80% AMI to maintain eligibility for tax abatement
- Steadfast acquired Estraya Boerne at a ~20%+ discount to replacement cost
- Freddie Mac Fixed-Rate Loan at 5.59%
- Locks in low-cost debt for the long term
- Reduces refinancing and interest rate risk
- 100% property tax abatement enhances NOI and investor yield
- Saves ~$1 million/year in expenses
- Only $25,000/year paid to Boerne Public Facility Corporation
- In addition, Steadfast brings vertically integrated management oversight, controlling:
- Positive leverage from day one
- Leasing and operations (via Steadfast Management Company)
- Budgeting, reporting, and performance benchmarking
- Preventative maintenance and vendor optimization
Property Description & Site Plan
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
- Features a central clubhouse, resort-style amenities, and expansive outdoor space
- Located within The Commons at Menger Creek, a master-planned development
- Chef-inspired kitchens with granite countertops and islands
- Energy-efficient stainless steel appliances
- Brushed nickel hardware and designer lighting
- Full-size washer/dryer in every unit
- Faux wood plank flooring
- Optional private fenced pet yards
- Detached garages available
- 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
- Controlled access gates and ample surface parking
Acquired by Steadfast: August 2024
Developer: Third-party regional developer
Stabilization: Property was 78–79% leased at acquisition;
now stabilized at >95% occupancy
Financing: Freddie Mac long-term fixed-rate loan placed by Steadfast upon acquisition
Location & Economic Drivers
Boerne, Texas, located in Kendall County, is one of the most desirable residential submarkets within the San Antonio region. Known for its scenic beauty, top-ranked schools, and high-income demographics, Boerne blends small-town charm with access to major employment hubs.
Median Household Income: $132,000+
Average Home Price: >$550,000
Rental Affordability: High-quality rentals like Estraya Boerne serve a critical need for middle- to upper-income households unable or unwilling to buy
School District: Boerne ISD ranks in the top 5% statewide
Proximity: 20–25 minutes from downtown San Antonio, via I-10
Steadfast’s acquisition thesis is anchored in Boerne’s strong market fundamentals, characterized by sustained demand and constrained supply, with minimal new multifamily deliveries expected in 2025 and beyond.
Terms at a Glance
