This is by no means, a complete synopsis of either opportunity but rather, an introduction to their potential.
SAN DIEGO RE-ZONING
An associate has tied up the property and has 30 days to close on the land.
Seeking 10M for the land and about 500K for the re-zoning fees. Re-zoning can be accomplished in about 15 months.
Meanwhile, there have been at least 7 national homebuilders who have issued LOI's (Letters of Interest) to purchase the land after it has been re-zoned for about 33M.
However, due to the fact that there are multiple, competing builders seeking to secure our finished product, this will create an atmosphere that could encourage a bidding war and run up the final sales price higher than the 33M. A recent LOI already came in near 40M.
Your investor will be paid back twice his money or more, depending on the final sales price.
HERITAGE AT AURORA / ELEGANCE SENIOR LIVING
The same developer, who will be re-zoning the parcel, above, was the VP of Carefree Senior Living, who sold its standing inventory at the time in 2006 for 238M, the largest multi-housing deal in the State of Nevada.
However, there were still parcels of land and "in process" developments left behind. As he had overseen the Aurora project, since its inception our developer was asked by The President of Carefree Senior Living if he'd like to take the project and just buy him out.
This project is virtually shovel-ready.
This is a 400 unit Senior Living Complex abutting the Heritage Eagle Bend Golf Club. It has already been worked out that our residents will enjoy golf privileges and that the upscale neighboring communities shall serve to feed us as those households seek to downsize and simplify but don't wish to leave their surroundings.
Equity sought is 12M, price of project is about 58M and full finished value should be in the high 80's.
Construction loan has been secured - they're awaiting the Equity.
A full pro forma and exec summ. are available upon request.
$300K TO RE-ZONE IN LAS VEGAS
All we need is $300K to re-zone and build a Senior Project on a parcel of land owned by our partner. We've already discussed re-zoning with the city and everyone's on board! This could be a quick ROI for whomever brings the 300K. Several different approaches to repay you for your contribution.
Hope the world is treating you alright through this downturn. I work closely with many of the smaller boutique brokerage firms that generally represent the sellers or buyers of these types of buildings in your portfolio. As you buy more properties across the 6 states you work in and would like to have a consistent title and escrow team give me a call as I would be happy to assist you. It appears that the last few weeks the activity level has picked up so hopefully that is a good sign of things to come. Have a great day. Scott