Development
Real estate
BY AMIRA VAN LEEUWEN
Lantana Apartments to offer income-based housing and of course we could grouse about it, but I’m happy just to say that this project, through hard work and perseverance by all parties, we’re near- ing the completion. We’re very happy that we’re finally putting this project in service,” Tolley said. What’s next? Percent of AMI 30% 40%
78666 Number of homes sold
August 2022
August 2023
Residential market data
In the San Marcos-Buda-Kyle market, more homes were sold in Buda year over year in August, according to data from the Austin Board of Realtors. While Kyle had the highest number of sales—113—in the market, Buda sales were overall up the most year over year by 39%.
91
Lantana Apartments, a housing development that offers income-based housing, is nearing completion. The background The project started in June 2020 after San Marcos City Council approved a resolution for low-income housing tax credits with the Texas Department of Housing and Community Affairs. Mortgage Co. LLC obtained a $30 million Federal Housing Administration Construction Loan to build the project. The mortgage company part- nered with Mission Development Group LLC to develop the project. Diving in deeper Construction, which began in the throes of COVID-19, was delayed by numerous challenges, including supply chain issues, repeated lockdowns and inclement weather, said Mark Tolley, Mission Development Group LLC managing partner. “It’s been a very tough last two years to build,
-9.89%
Annual median income thresholds Monthly rent is capped based on local median family income, which was $122,300 as of June 15.
82
78610
1 bedroom 2 bedrooms
78666
59
$605 $824
$717
+39%
78640
$980 $1,243 $1,506
82
The project is anticipated to be completed in October, totaling eight buildings with 216 units. “We have a wide range of units, all of which are affordable and subsidized by low-income housing tax credits,” Tolley said. According to staff, residents only pay electric, and the complex covers the rest of utilities. The apartment complex has a pickleball court, walking trails, a pool and a gym. Lana Wagner, San Marcos Housing Authority executive director, said they were glad to be in partnership with Mission Development Group. “We’re excited to get [the apartments] finished,” Wagner said.
50% 60%
$1,043 $1,262 $1,481
78610
21
78640
35
70% $1,769 SOURCES: LANTANA APARTMENTS, CITY OF SAN MARCOS/COMMUNITY IMPACT
117
-3.42%
113
Median home sales price
2022
2023
123
N
78666
+0.58%
$354,476
$352,437
N
MARKET DATA PROVIDED BY AUSTIN BOARD OF REALTORS 512-454-7636 WWW.ABOR.COM
78610
-13.9%
$408,770
$475,000
1041 Vervain Road, San Marcos www.lantanasanmarcos.com
78640
-12.32%
$350,000
$399,175
SAN MARCOS 510 Barnes Dr (512) 392-0366
CREEKSIDE TOWN CENTER 263 Creekside Crossing (830) 608-1969
SOUTHPARK MEADOWS 9900 IH-35 Service Rd S (512) 280-7400
NEW BRAUNFELS 1671 IH-35 S (830) 629-0434
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