Steadfast Direct is offering a limited partnership interest in Estraya Boerne, a 288-unit, Class A multifamily community in Boerne, Texas, within the high-growth Texas Hill Country corridor north of San Antonio.

The property was acquired off-market and below replacement value from a pressured seller following construction loan maturity. Steadfast acquired and financed the asset with sponsor capital, with stabilization efforts underway, before opening the opportunity to outside investors. Long-term fixed-rate Freddie Mac financing is in place, and current occupancy exceeds 95%.

Estraya operates under a 75-year Public Facility Corporation (PFC) ground lease, providing 100% property tax abatement, materially enhancing distributable cash flow and downside protection.

Target Investment Profile

• Target IRR: ~14.4%
• Target average cash yield: 6.5%+
• Target equity multiple: ~1.9x
• Hold period: 5–7 years
• Meaningful 28% sponsor co-investment alongside LP capital

Investors can access a full downloadable due diligence packet, including financials and supporting materials, on the Steadfast Direct website.