Culebra Commons is a 327-unit Class A apartment community located in San Antonio, TX. Culebra Commons is in a Public Facilities Corporation program that was recently established by the Texas State Legislature. The program requires that 50% of the units are reserved for residents who will be qualified based on their income in relation to Area Median Income. Any foregone revenue from these units is greatly outweighed by an 100% reduction in real estate taxes and subsequent cash flows are much stronger than if the community were to remain at 100% market rates and a full tax assessment. This process also de-risked the investment by mitigating exposure to unforeseen tax increases during a period when tax assessments have become increasingly aggressive.

 

LushMark Capital

LushMark Capital is a Wyoming-based private equity company specializing in real estate

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