Preserve at Mason Creek
Preserve at Mason Creek is a new residential development in Leander, Texas comprising 64 single-family rental homes across approximately 7.7 acres located south of Horseshoe Drive and east of Circle Diamond Lane. Developed in collaboration with Cascade Homes and an affiliate borrower, the project will offer a mix of three- and four-bedroom units with a blend of income-restricted and market-rate rentals. Thirteen units will be targeted at households earning up to 60% of area median income and nineteen units at up to 80% of AMI, enforced through a restrictive covenant for at least 40 years, while the remainder will be offered at market rents. The development is structured as a long-term lease arrangement with public ownership of the land and will require local cooperation and tax incentive agreements consistent with city and county procedures. Construction and permitting approvals are moving forward following municipal approval, with next steps including contractor selection and final permitting.
Details
Documents
Resolution No. TCFC-2025-03
February 6, 2025
To approve inducing Preserve at Mason Creek in partnership with Cascade Homes to be located in the City of Leander, Texas; and to authorize the negotiation and execution of a Term Sheet and other matters in connection therewith.
Financial Analysis - The Preserve at Mason Creek
March 14, 2025
The CBRE report evaluates a proposed 64‑unit build‑for‑rent community at 500 Horseshoe Dr in Leander, Texas. The project will comprise predominantly two‑story detached single‑family homes with two‑car garages and private yards on a 7.77‑acre site, to be built in 2025–2026. The Travis County Facilities Corporation (PFC) will own the project via a 75‑year ground lease and secure a 100% property tax exemption. In return, 30% of units (19) will be reserved for tenants at 80% of AMI and 20% (13) at 60% of AMI, with the balance leased at market rates. CBRE reviewed development costs, estimated real estate taxes, projected permanent loan terms, and analyzed operating performance under scenarios with and without rent restrictions and tax abatement. The analysis concludes the project is cost‑feasible only with rent restrictions paired with the property tax abatement; it is not feasible at the required set‑asides without the PFC’s participation and exemption.
