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
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
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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