This is site 1 of 2 with a total potential of 800 units
We have not yet prepared an ARGUS model to estimate a Project IRR or Multiple.
We will be collecting bids from General Cotnractors and doing a full Third Party Market Study that can be used as as starting point for a prospect's financial analysis.
Buyer / Investor must rely on its own Due Dilligence
This is an unlisted opportunity. The seller is a land developer who has delivered more than 30,000 lots to public and private builders over the last two decades.
The master plan is completely approved
Offsite improvements are under construction.
Onsite improvements are under construction.
Production Builders are preparing their models
Apartment construction should start in February 2018.
The overall construction cycle is projected to be 24 months. Stabilization is anticipated to occur in month 36 (March 2020).
Ownership's preference would be to find a capital partner who is willing to allow them to retain a 10% to 50% equity position and act as managing member in the project.
Their second preference would be a developer/buyer who would allow them to retain a 10% to 50% passive equity position in the project.
Ownership is prepared and willing to manage the development or participate as a passive partner.
Acquisition
TBD
NOI
Year 1 - TBD
At Disposition (month 84, June 2024) - TBD
Revenue
Net Operating Income - TBD
Capitalized Rent - TBD
Total Project Revenue – TBD
Total Project Costs:
Excluding Finance and Disposition - TBD
Including Construction Loan and Mortgage Interest & Fees -TBD
Profit:
TBD available for distribution
Construction Debt:
TBD
Total Equity:
TBD
90% Primary = TBD
10% Developer Co-invest = TBD
Mortgage:
TBD
Equity IRR / Multiple
TBD
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