The Purple Rail is a 111-bed (33 unit) student housing property in Stephenville, Texas, that serves Tarleton State University. TSU just announced their 6th straight year of record enrollment, with 21,000 student attending Fall of 2025. This brand-new construction property opened midway through the 2024-2025 school year and is 96 percent leased heading into the 2025-2026 school year. The 2.77-acre property consists of nine buildings that make up 33 separate townhome units. The spacious three- and four-bedroom, multi-story floor plans are ideal for student living and feature open living spaces, modern finish-outs, stainless steel appliances and garage parking on the ground floor. The property has pitched roofs, and the exterior is constructed with Hardie board siding and corrugated steel, creating a chic appearance. The townhomes are individually metered for electricity and water, with individual HVAC units and individual hot water heaters. Each unit is also equipped with full-size washers and dryers. The property is located less than half-a-mile from Tarleton’s campus. The Purple Rail offers investors 6 percent returns beginning day one of ownership on a new property, with the potential to increase NOI through several logical avenues. To aid with the lease up, the seller offered a move-in incentive that covered water bills and monthly cable/Wi-Fi package. By moving these expenses back to the tenant, the NOI would increase by ~$60,000. Both of which could be easily added for the 2026 school year. With Tarleton growing so rapidly, there is natural rent growth from the growing demand. Current third-party management structure takes first month rents and renewal fees, while charging 4 percent on revenue as well. Other local, regional and national firms with a presence in Stephenville offer a 5 percent fee without the leasing incentives, saving over $40,000 per year. By executing the previous suggestions, Purple Rail offers a new owner a cash flowing, well-built asset that could see NOI grow by ~$120,0000, providing cash-on-cash returns north of 8 percent by the 2026 Fall semester. The Purple Rail is offered free and clear of debt and sizes for agency and bank loans.