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Return Summary

Highlights

  • Upzoned from 113 units to 164
  • Significant site work completed by seller
  • Economies of scale

IRR*

24%

Equity Multiple*

2.4x

Holding Period

5yrs

Project Description

* 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 Timeline

July 2022

Purchased 55 acres off-market, approved for the development of 113 single family homes, across two contiguous parcels for approximately $7.5M. Site work, inclusive of utilites and roads, were installed by the previous owner. Immediately began the process of upzoning the parcels to allow for the devlopment of higher density townhomes and single family homes.

July 2023

Received approval to increase the density to 164 units, 116 townhomes and 48 single family homes, as well as added a 5,500sf clubhouse, pool, and other community amenities.

May 2024

Secured construction financing with Liberty Bank and officially broke ground on the development.

Loan Terms:

  • Fixed Rate: 6.85%
  • Amortization: 30yrs (after conversion to perm)
  • Interest Only: 3yrs

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