400+ Unit Multifamily Development

This 400-unit development area is the first of two multifamily sites in the Master Plan. There is potential to develop +/-800 total MF units




  • Off Market
  • Entitled Property - approved for up to 406-unit multifamily development.
  • Close to a major international employmer, hospitals, premier higher education.
  • In one of the consistently fastest growing cities in the US.
  • There is a second, larger multifamily development site that will come to market in the future.


  • Entitled parcel that is part of a master plan community in Central Texas that will have +/-800 single family residences,
  • Purchase Price: TBD / estimate $7,500 to $10,000 door
  • Due Diligence: 60 days
  • Closing: 45 days after DD


  • Approximately 406 Proposed MF Residential Units totaling +/- 319,000 NRSF and +/- 398,000 GSF
  • In a master plan community with:
    • Amenity center featuring a relaxing resort-style pool and splash pad Covered pavilion for get-togethers with friends and family
    • Athletic fields, including a sand volleyball court
    • Playscapes for the kids
    • Picnic areas with tables
    • Plenty of wide open spaces Shade trees
    • With 21 acres designated for retail businesses and
    • 43 acres set aside for corporate office space.
  • A thoughtful full service master plan community that is convenient to everything. Life does not get much better.
  • Core Texas location midway between two major Texas cities.
  • Nearby Employers Include:
    • Hospitals
    • A major online retailer
    • Multiple universities
    • Two major MSAs within 30 minutes
  • Minutes from a freeway
  • First year NOI projected: TBD
  • Unlisted asset


We have not yet prepared an ARGUS model to estimate a Project IRR or Multiple.

We will be collecting bids from General Contractors 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 Diligence



Year 1 - TBD 
At Disposition (month 84, June 2024) - TBD

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

TBD available for distribution

Construction Debt:

Total Equity:
90% Primary = TBD 
10% Developer Co-invest = TBD


Equity IRR / Multiple


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 underway.

Onsite Improvements are underway.

Two Production Builders are working their lots.

Apartment construction chould start as early as February 2018. The overall construction cycle is projected to be 24 months.  Stabilization is anticipated to occur in month 36 (March 2020).



Ownership's is looking for an experienced buyer who is well capitalized capable of closing in a timely manner, with experience in the market and product, and capable of developing the site expeditiously

They are willing and able to invest equity into the new venture to obtain a 10% to 25% passive equity position in the future development.

Ownership is prepared and willing to manage the development or participate as a passive partner.


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400+ apartments built in two phases. Phase I is 220 Units and shown on the right side of this image. Phase II is +/- 182 units.

Contact: Joe Richter  949 769-2000
949 677-7722 (cell & text)

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CA CLB B-861134 ~ CalBRE 01980301 ~ OR REA 201008092