o Scale & Optionality: At ~28 acres near Texas State, the site has strong long-term potential for multifamily or student housing development. The conceptual layout suggests capacity for a large-scale project, though most developers will likely underwrite a reduced density scenario initially. o Infrastructure Considerations: Based on the utility maps, water and wastewater will need to be extended to the site, and the property sits in the San Marcos ETJ. Developers will typically factor those infrastructure costs and entitlement risk into their land basis. o Developer Underwriting: When applying current construction costs, cap rates, and typical land residual assumptions for multifamily in the San Marcos market, most developers will likely build closer to 650-800 units rather than maxing out the 1,000+ units.