ASREF II's $15.0M investment will fund the construction of this 336-unit affordable housing complex in San Marcos, Texas.
Entrada at San Marcos is a 336-unit apartment complex in San Marcos, Texas, just outside of the city of Austin. The project will be a new construction comprising a six-building campus, each with three floors. Entrada at San Marcos will have 180 one-bedroom units, 126 two-bedroom units and 30 three-bedroom units. All units will be affordable at 80% of the Area Median Income. Apartment amenities will include a clubhouse with a 24-hour gym, a pickleball court, a community pool and hot tub, a fire pit and grilling area, a playground, and covered parking.
| Asset Type | Multi-Family Residential |
| Development Type | Ground-Up |
| Previous Use | Vacant Lot |
| Investment Closing Date | November 25, 2024 |
| Total Development Area | 292,470 SF |
| Construction Timeframe | 24 months post-close |
$54.5M
$54.5M
$15.0M
$8.8M
$23.8M
American South Capital Partners collects each project's census tract income level at the time of close as part of CRA reporting guidelines. Source: Federal Financial Institutions Examination Council Geocoder.
HELU was founded in 2020 and is made up of three distinct entities: Helu Capital, Helu Residential (Property Management), and Helu Development. The team’s experience includes the development of more than 6,000 multifamily units across the United States, the acquisition of more than 1,000 units in Texas and Idaho, and the management of more than 30,000 units across the country.
| Location | 194 Riverwalk Dr, San Marcos, TX |
| Area | Austin Metropolitan Statistical Area |
| LMI Community Status | Low |
| Unemployment Rate | 6% |
| Poverty Rate | 44% |
| % Minority | 60% |
Entrada at San Marcos will be in San Marcos, Texas, which is part of the Austin Metropolitan Statistical Area. The City of San Marcos is located on the eastern edge of the Texas Hill Country. The city is positioned on IH-35 between the two major metropolitan areas of Austin and San Antonio. San Antonio is located approximately 45 miles to the south while Austin is located approximately 25 miles to the north. San Marcos is the county seat of Hays County and is the center of governmental activities associated with the county.
San Marcos Municipal Airport is located approximately three miles east of the city on State Highway 21. The 2020 Census population of San Marcos was 67,553, which is up from the 2010 Census population of 44,894. Texas State University is one of the primary economic generators for San Marcos, with an enrollment of over 38,000 students.
ASREF II’s $15.0 million preferred equity investment in Entrada at San Marcos will promote economic development in a designated low-income community by providing accessible housing.
