The mortgage company is partnering with Mission Development Group LLC to develop the 216-unit complex. The Lantana Apartments will be located on a 9.93-acre piece of land at the corner of Rattler Road and Old Bastrop Road, across from San Marcos High School, according to a press release. The residential buildings will include eight three-story buildings.
In June 2020, San Marcos City Council approved a resolution of no objection to the developer’s application for low-income housing tax credits with the Texas Department of Housing and Community Affairs. Payments in lieu of taxes in the amount of $11,000 annually must be made to the city beginning in the first year the project begins, according to city documents. A date for groundbreaking and time frame for construction of the apartments is yet to be determined.
The complex will feature 84 one-bedroom units, 56 two-bedroom units and 76 three-bedroom units, according to the release. About 163 units will be income restricted to those with a household income between 30-60% of the San Marcos median family income, which is $98,900 according to the U.S. Department of Housing and Urban Development’s 2021 estimates. Rent for one-bedroom units will start at $448 per month, according to the release. Rent for units at The Lantana Apartments are set by the Texas Department of Housing and Community Affairs, according to Jordyn Leon, a CPC Mortgage Co. spokesperson.
The apartment complex will feature a business center, an on-site management office, a clubhouse, a fitness center, a pickleball court, a playscape, a game and media room, a pool, a community garden and other amenities. The complex will have over 350 parking spaces, including 44 carports, 18 handicap-accessible parking spots and 12 parking garages.
“Our mission is to provide capital that helps preserve and revitalize the affordable housing stock of the communities we serve, and we are excited to begin this new partnership,” said Timothy Deegan, head of FHA lending for CPC Mortgage Co.