Kalterra Capital Partners recently sold McCarty Commons, a 224,000 square-foot, 249-unit apartment complex, located at 1476 E. McCarty Lane in San Marcos. The project is one of three ground-up multifamily developments in Kalterra’s portfolio expected to transact this year.
The 10.4-acre McCarty Commons site is just east of Interstate 35 and the San Marcos Outlet Malls. The project serves the growing demand for Class-A luxury apartments near Texas State University. McCarty Commons began construction in 2018, completed in 2019 and was fully stabilized in 2020.
“Kalterra is proud to complete the sale of our first multifamily development in San Marcos, Texas,” said Clint Nolen, managing partner and co-founder of Kalterra Capital Partners. “McCarty Commons not only represents our purpose to meet the needs of our investors and communities, but it also represents the phenomenal team that worked together to make it one of our many upcoming successes.”
The modern Hill Country design includes luxurious interior and exterior finishes designed to meet the needs of a variety of professionals and university students seeking high-quality amenities and low maintenance living. The project has an urban inspired layout with specialized project amenities including a resort-style pool, volleyball court and a modern, integrated clubhouse.
“McCarty Commons absorbed faster than originally projected and achieved higher rental rates, outperforming the submarket by 6%,” said Nic Balsamo, partner of Kalterra Capital Partners. Kalterra’s vision of a walkable three-story surface parked site plan allowed the development to exceed all operational and financial expectations for Kalterra and our investors.”
Kalterra said it is poised for significant growth with many new multifamily projects across Dallas-Fort Worth and Central Texas set to break ground in 2021.
“We strive to develop unique, first-class multifamily communities for the suburban market that yield superior returns. As job growth and demographics continue to point towards increased renter demand in Texas, we continue to seek opportunities to provide much needed supply of high-quality multifamily housing,” continued Nolen.
Cross Architects, Shreve Land Construction, Sunridge Management, Bellwether Enterprises, and Warsaw Realty Group supported Kalterra in the execution of the project.
