The Grand Luxury Homes
Details
Location
Return Summary
Highlights
- Right of first refusal on land
- Upzoned density from 50 to 75 units
- No SFR rentals in Granby
IRR*
Equity Multiple*
Holding Period
* For active deals, IRR and EM return metrics are projected values that are underwritten with realized distributions, projected distributions, and a conservaitve terminal value.
Project Description
CT Realty Trust developed The Grand Luxury Homes, Granby's first townhome and single-family rental community, featuring 75 homes, a pool, and a clubhouse. The project was completed under budget and reached full occupancy within a few months of receiving the final Certificate of Occupancy.
Project Timeline
Apr 2021
Exercised our right of first refusal to purchase a 35 acre parcel, adjacent to The Grand Luxury Apartments, originally approved for 50 units. Upzoned the approved entitlements from 50 to 75 units, and added a pool and clubhouse.
Sep 2021
Closed construction loan and broke ground on the first townhome and single family rental community in Granby, CT, with professional managment and luxury amenities.
Loan Terms:
- Fixed Rate: 4.24%
- Amortization: 30yrs (after conversion to perm)
- Interest Only: 3yrs
Apr 2023
Recieved final CO on the last batch of units, at the time occupancy was already at 69%, a testament to the demand for these units in the market. Our final construction spend came in $1.6M under budget.
Jul 2023
Achieved 100% occupancy and distributed $2.3M -- a combination of unused loan proceeds and accrued income during the construction period.