Trez Capital announced the closing of an equity investment in partnership with Thompson Realty Capital, LLC for the development of a garden-style multifamily project in San Marcos to be called La Cima. With a total development cost in excess of $50 million, this project marks a key addition to the company’s development fund, the Trez Capital Private Real Estate Fund Trust.
The La Cima project is located in Hays County along the I-35 corridor and is approximately 30 minutes from Austin and San Antonio. Spanning 21 acres, the project will include 304 units with attached and detached garages in two- and three-story buildings. Residents will experience Texas Hill Country apartment living with unsurpassed views and mature oak trees throughout the property. La Cima will feature a Class-A leasing office, amenity center and resort-style pool.
La Cima is an example of Trez Capital’s joint-venture partnership program which provides experienced developers with equity financing for value-add and ground-up developments in key markets with strong population, employment and GDP growth. In these areas, Trez Capital targets investments in the multifamily, single-family for rent, industrial and self storage asset classes. Trez Capital, along with its development partners, intends to provide capital appreciation for investors through the development process and sustainable income from holding properties over the long-term.
An affiliate of Thompson Realty Capital, LLC will serve as property manager upon project completion. The La Cima project marks the eighth joint-venture project with Trez Capital and Thompson Realty Capital.
The project is expected to complete in December 2023.