The Mark on Solon is a 112-unit, Class A, garden-style development located in Waxahachie, Texas, 23 miles southwest of Dallas. Consisting of 4 three-story residential buildings, a clubhouse with gym and business center, a large pool and grill house, tuck under garages, private yards, and 2 community dog parks, The Mark on Solon is the first project of its kind in the Waxahachie community.
Substantial Completion: January 2019
Stabilization: February 2019
Refinance: March 2019
Project Commencement: April 2017
Construction Start: October 2017
Delivery of First Units: September 2018
Unique Project Actions
CPG worked closely with the GC and management team to overcome construction delays, and resulting leasing delays, caused by an unusually high number of rain delays throughout 2018.
CPG successfully represented itself through the Planned Development process with the City of Waxahachie, drafting all applications and appearing at public hearings.
CPG principals took an active role in helping management mitigate tenant dissatisfaction caused by final construction activities that were delayed past move-in due to rain delays. The CPG principals worked alongside management to assist tenants, listen to concerns, and implement effective solutions.
Current Occupancy: 100%
Total Cost: $12,675,000
Cost Per Unit: $113,170
Total Investment: $5,060,000
LP IRR (5 yr; 5.5% cap): 36%*
LP Equity Multiple (5 yr; 5.5% cap): 2.71x*
*hypothetical based on current project data
Features and Amenities
220 parking spaces
32 private yards
24 tuck under garages
112 storage units
2 community dog parks
3cm granite countertops
20 mil LVP flooring throughout