Challenging San Marcos Rental Project Nears Completion

The Lantana Apartments should have been taking in tenants by now. But thanks to Covid, lockdowns, lousy weather and supply-chain issues, the project was a struggle. Mission Development Group’s Mark Tolley added, “It’s been a very tough last two years to build, 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 nearing the completion. We’re very happy that we’re finally putting this project in service.” The 216-unit project is anticipated to be completed by October. The apartment complex has a pickleball court, walking trails, a pool and a gym.

Community Impact reports 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 partnered with Mission Development Group LLC to develop the project. There will be a wide range of units, which are affordable and subsidized by low-income housing tax credits.