- Location: San Marcos, TX
- Deliver Year: 2002
- Beds: 660
- Transaction Type: NFP / Tax-Exempt
- Unit Type: Apartments
DESCRIPTION
Working in partnership with Texas State University San Marcos, Capstone Development proposed a community including student apartments for 660 students, a commuter parking lot for 1,000 cars, new intramural playing fields, and a new central receiving warehouse in a nearby business park. The student apartments became the financial “engine” that drove the acquisition of land valued at over $5 million, and funded the development of facilities with a total price tag of more than $44 million. Utilizing the Texas State University System Foundation as the non-profit owner of the facilities, Capstone was able to assist in structuring tax-exempt bond financing for the whole package, without impacting the University’s balance sheet.
