Casata, a rental community developer, has secured $12.5 million in joint venture equity financing for a residential project in San Marcos. The development will feature 210 freestanding “micro homes” of modular construction with one- and two-bedroom formats ranging from 400 to 1,100 square feet. Construction is expected to take 21 months and Duke Dennis of Marcus & Millichap Capital Corp. arranged the equity financing on behalf of Casata.
The 25 acre site will house homes between 400-1,100 square feet with one to three bedrooms available for rent at prices starting from $1,175-$1,800 per month . Forrest Hardy added that these micro homes are an efficient alternative for attainable housing as they offer more than tiny houses but cost less than regular sized ones – making them ideal options for middle class households looking into renting instead of buying property outright . 90% percent will be long term rentals while 10% short term rentals listed on Airbnb and Vrbo platforms .
