SAN MARCOS – Rental community developer Casata has obtained $12.5 million in joint venture equity financing for a residential project here.
The community will be built on 25 acres and consist of 210 freestanding “micro-homes,” what the Casata representative describes as, “a really nice alternative to apartment homes.”
Units will come in one-, two- and three-bedroom floor plans of up to 1,100 sf. Rent will start at $1,175/month. Ten percent of the units will be reserved for listing on Airbnb and Vrbo.
Construction is expected to last about 21 months.
Marcus & Millichap Capital Corp. arranged the equity financing on behalf of Casata.