Project Summary

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.

Critical Dates

  • 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.

Performance Metrics

  • Current Occupancy: 100%

  • Total Cost: $12,675,000

  • Cost Per Unit: $113,170

  • Total Investment: $5,060,000

  • Yield-on-Cost: 8.83%*

  • 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

  • 112 units

  • 220 parking spaces

  • 32 private yards

  • 24 tuck under garages

  • 112 storage units

  • 2 community dog parks

  • Gym

  • Large pool

  • Grill house

  • Business center

  • 3cm granite countertops

  • 20 mil LVP flooring throughout

  • Stainless appliances

Project Images