Bank is providing the construction loan and is also the LIHTC investor. Morales said.įinancing 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. “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. TDHCA allocated the federal Low Income Housing Tax Credits that were critical to the $61 million development’s financing. Teresa Morales, Manager of the Multifamily Bond Program, at the Texas Department of Housing & Community Affairs (TDHCA) also spoke at the groundbreaking. According to a Workforce Housing needs assessment report, drafted by the city, nearly two-thirds of San Marcos’ renters are currently considered cost-burdened. Mayor Jane Hughson, a featured speaker at the groundbreaking ceremony, noted her Administration’s commitment to affordable housing amid the city’s rapid growth. The community will also offer 35 apartments without any income restrictions. 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’s substantial green space will include gathering places, walking paths, and two playgrounds. 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. “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.”ĭesigned 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. “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.

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. Live the life you deserve at a price you can afford.City and state officials, along with other community stakeholders, gathered together 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. At the heart of it all, the Clubhouse is fitted with a multi-functional business center, welcoming lounge, hot coffee/tea bar, round-the-clock fitness center, and gorgeous, resort-style pool. Our community's expansive landscape incorporates outdoor courtyards, two interactive playscapes, the purr-fect pet park, and breathtaking views of the natural landscape that surrounds us.

Our chic interior finishes feature modern décor lighting, plank wood flooring, granite counters set in open-concept kitchens, lighted ceiling fans in every room, spacious walk-in closets with convenient shelving, and expansive patios where you can sit back and relax after a long day. You are able to apply online or in-house, whichever you prefer! At Mission Trail, it is our mission to provide a meaningful, enjoyable, and affordable living experience that is one-of-a-kind. With a wide variety of stylish one, two, three, and four bedroom floor plans and an array of thoughtfully curated community amenities, we have something for everyone! NO ONE in our area can offer the quality of living we provide at the prices we do. Mission Trail is a stunning apartment community in San Marcos, Texas, developed and professionally managed by The Michaels Organization.

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