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1136 W Washington Ave
Stephenville, TX 76401
The Edge On Washington · Multifamily Property For Sale
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139 Units
Investment Highlights
- 2021-built Class A student housing community within steps of Tarleton State University.
- 94% pre-leased for AY 25/26 in a market operating at 96.2% average occupancy.
- Zero new development pipeline in the market, creating a supply-constrained environment for rental growth.
- Diverse unit mix of studios, 1-, 2-, 4-, and 5-bedroom layouts catering to multiple student preferences.
- Tarleton State University enrollment has increased 39% since 2021, with an 80% growth in applications since 2023.
- Off-campus student housing supply consists of only 1,887 beds, with an average year built of 2018.
Executive Summary
The Edge on Washington represents a premier investment opportunity in one of Texas’ fastest-growing university markets. Constructed in 2021, this Class A student housing community features 141 units and 341 beds, offering a contemporary amenity package and a robust unit mix that includes studios and 1-, 2-, 4-, and 5-bedroom floor plans. The property is currently 94% pre-leased for AY 25/26, demonstrating consistent demand and stable income performance.
Located just 0.1 miles from Tarleton State University, the asset benefits from immediate pedestrian access to a campus that has seen an extraordinary surge in enrollment. TSU boasts over 21,000 enrolled students for AY 25/26, reflecting a 39% increase in first-time freshman enrollment since 2021 and an 80% rise in applications since 2023. Additionally, the market exhibits strong fundamentals, including 21% year-over-year enrollment growth, sustained occupancy rates above 96%, and no active development pipeline—all of which position The Edge on Washington for exceptional rental growth potential.
With modern construction, limited competitive supply, and unrivaled proximity to campus, this property is poised to deliver durable cash flow and market-leading returns in a high-demand university housing sector.
Located just 0.1 miles from Tarleton State University, the asset benefits from immediate pedestrian access to a campus that has seen an extraordinary surge in enrollment. TSU boasts over 21,000 enrolled students for AY 25/26, reflecting a 39% increase in first-time freshman enrollment since 2021 and an 80% rise in applications since 2023. Additionally, the market exhibits strong fundamentals, including 21% year-over-year enrollment growth, sustained occupancy rates above 96%, and no active development pipeline—all of which position The Edge on Washington for exceptional rental growth potential.
With modern construction, limited competitive supply, and unrivaled proximity to campus, this property is poised to deliver durable cash flow and market-leading returns in a high-demand university housing sector.
Property Facts
| Sale Type | Investment | Lot Size | 3.58 AC |
| No. Units | 139 | Building Size | 113,600 SF |
| Property Type | Multifamily | Average Occupancy | 94% |
| Property Subtype | Apartment | No. Stories | 5 |
| Apartment Style | Mid-Rise | Year Built | 2021 |
| Building Class | A |
| Sale Type | Investment |
| No. Units | 139 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | A |
| Lot Size | 3.58 AC |
| Building Size | 113,600 SF |
| Average Occupancy | 94% |
| No. Stories | 5 |
| Year Built | 2021 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Washer/Dryer
- Heating
- Tile Floors
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Walk-In Closets
- Carpet
Site Amenities
- 24 Hour Access
- Clubhouse
- Fitness Center
- Laundry Facilities
- Pool
- Furnished Units Available
- Gameroom
- Elevator
- Lounge
- Maintenance on site
- Roommate Matching
- Study Lounge
- Individual Leases Available
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 50 | - | 419 - 617 |
| 2+1 | 14 | - | 459 |
| 2+2 | 23 | - | 466 - 532 |
| 4+4 | 43 | - | 341 |
| 5+4 | 9 | - | 320 |
Property Taxes
| Parcel Number | R000030284 | Improvements Assessment | $22,643,605 CAD |
| Land Assessment | $1,735,891 CAD | Total Assessment | $24,379,497 CAD |
Property Taxes
Parcel Number
R000030284
Land Assessment
$1,735,891 CAD
Improvements Assessment
$22,643,605 CAD
Total Assessment
$24,379,497 CAD
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