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Open For Investment

Estraya Boerne:

A stabilized property in Texas Hill Country with long-term upside.

Acquired Below Replacement Cost
100% Property-Tax Abatement
28% Sponsor Co-Investment

GET OFFERING OVERVIEW

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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

🔗Property Management Website

Interior Highlights

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

Amenity Package

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

Construction & Development History

Delivered: Q1 2023
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

Boerne is not where people end up—it’s where they aspire to live.

— Bill Stoll, CIO

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.

📍130 Gallant Fox, Boerne, TX 78006

Key Economic Drivers

Median Household Income: $105,400+

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.

Location map

Terms at a Glance

Property

Estraya Boerne – 288 Units,  Class A multifamily community

Location

Boerne, Texas (20 miles north  of San Antonio)

Year Built

2023

Offering Size

~$11.5M

Sponsor Co-Investment

~28% of total project equity

Cash-on-Cash Priority

6.5% (paid current on quarterly basis)

Target LP IRR

14.4%

Preferred Return & Waterfall

8.0% pref; 70% LP/30% GP thereafter

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Minimum Investment

$25,000

Investment Hold

5 years

Tax Efficiency

Tax-deferred distributions via depreciation

Structure

LLC with participation as Class B Member

Sponsor Fees

1.00% acquisition fee; 0.50% annual asset management fee; 0.50% loan fee; 0.50% disposition fee

Subscriptions

Via Steadfast Direct investor portal

Escrow Agent

FitzGerald Kreditor Bolduc Risbrough LLP

Escrow Account

American Business Bank

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.

FIRM HIGHLIGHTS

55,000+ units acquired, managed, or developed since inception
$1.7+ billion in equity raised across three non-traded REITs and other private offerings
50+ privately sponsored investment programs, raising more than $300 million
Full-cycle REIT execution, including successful merger with Independence Realty Trust (IRT), placing it in the top 20% performance in its peer group*.
Strong institutional relationships, including with Blackstone, IRT, and UDR
Steadfast Management has more than 25 years of experience managing real estate
120 employees nationwide, including in-house management, construction, acquisitions, and investor relations teams

Steadfast has a proven ability to identify opportunities early, structure deals with downside protection, and deliver strong risk-adjusted returns to its investor base of HNWIs, family offices, and institutions.

Explore Steadfast's Track Record

Learn more about the Steadfast Team

Read about Steadfast's Investment Strategy

*According to Stanger Investment Bank