Financial Analysis - The Preserve at Mason Creek
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.
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