Iconic Development, LLC (“Iconic”) is pleased to announce the acquisition of a 185-unit, 313-bed student housing portfolio located in San Marcos, Texas, just two blocks from Texas State University. (Enrollment > 31,000).  Iconic purchased the property in January 2010, under a joint venture equity partnership consisting of institutional investors and high net worth individuals.

The acquisition price represented a strong cap rate and the seller carried back financing equivalent to 73% of the purchase price. Iconic’s business plan is to implement its Propriety Green Rehab Playbook, while averaging 10%-plus cash-on-cash dividends to investors before divesting the asset within three to five years.

Established in 2007, Iconic Development is headquartered in Evanston, IL.  The firm owns a portfolio of more than 1,400 leasable units.  The firm’s principals, who have completed over $2 billion of transactions, invest their own capital in every Iconic investment.