The Michaels Organization Starts Construction on New Workforce Housing Community in San Marcos, Texas

The Michaels Organization Starts Construction on New Workforce Housing Community in San Marcos, Texas

SAN MARCOS, TX - City and state officials, along with other community stakeholders, gathered together on April 4 to celebrate the start of Mission Trail at El Camino Real, a brand new mixed-income housing community being developed by The Michaels Organization. 

Strategically located near the intersection of Highway 123 and Clovis Barker Road in the heart of the Texas Innovation Corridor between Austin and San Antonio, the new apartment community will serve the city’s growing workforce, in an area where rents have been rising steadily over the past 10 years.

“We are grateful for the warm welcome the San Marcos community has given The Michaels Organization and this important project,” said Joseph Weatherly, Regional Vice President of Development at Michaels. “We thank the city, the state, and all our financial partners and investors for trusting us with their vision for this development, and we look forward to being a part of this community for years to come.”

Designed by Austin-based Kelly Grossman Architects, the new Mission Trail at El Camino Real will comprise 15 garden-style buildings across 30 acres, offering a total of 352 rental apartment homes. Layouts for the spacious and energy-efficient apartments will range from one to four bedrooms, and community amenities will include a large Clubhouse with pool, fitness center and business center. The community’s substantial green space will include gathering places, walking paths, and two playgrounds.

The majority of apartments will be reserved for households earning 60 percent or less of the area median income, while 10 percent of the units will be reserved for individuals and families earning less than 140 percent of the area median income. The community will also offer 35 apartments without any income restrictions.

Mayor Jane Hughson, a featured speaker at the groundbreaking ceremony, noted her Administration’s commitment to affordable housing amid the city’s rapid growth. According to a Workforce Housing needs assessment report, drafted by the city, nearly two-thirds of San Marcos’ renters are currently considered cost-burdened.

Teresa Morales, Manager of the Multifamily Bond Program, at the Texas Department of Housing & Community Affairs (TDHCA) also spoke at the groundbreaking. TDHCA allocated the federal Low Income Housing Tax Credits that were critical to the $61 million development’s financing.

“Thank you to The Michaels Organization for your vision and dedication to take this from an idea on paper to a place someone will be proud to call home,” Ms. Morales said.

Financing for Mission Trail at El Camino Real includes $15.5 million in equity raised through the sale of the tax credits and $43 million in equity raised through the sale of tax-exempt bond financing issued by the Capital Area Housing Finance Corporation. U.S. Bank is providing the construction loan and is also the LIHTC investor. Berkadia is providing permanent financing through Freddie Mac.

Michaels Construction is serving as the general contractor and Michaels Management will provide property management services, ensuring that Mission Trail at El Camino Real remains a neighborhood asset for generations.

Source: Michaels Organization / #Affordable #Housing

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