The project consists of developing 14 single family homes and duplex three story with individual elevators, at an average gross size of 3,500 sqft. Located in the very desired area of Pinecrest, where neighboring townhouses are selling at an average between $400 -$450 / sqft. On the south border of this project is a Townhouse project built in 2007 that now has two townhouses for sale at $1,200,000.00 & $1,500,000.00. New homes in the area are selling between $4.5 to $5.8million.
This property is the last property in the Village of Pinecrest Zoned for townhomes, creating a great opportunity to deliver the lowest priced new product of its type in the market, perfect for entry level and empty nesters.
Total Units: 14 (8 Single family houses and 6 duplexes)
Land Size: 84,506 sqft.
Buildable Area: 64,597 sqft.
Sellable Area: 49,648 sqft.
The property has an R-3 zoning, allowing for 18 units to be developed and only requires the submittal to the Pinecrest Building department of the new master plans and construction documents for the new proposed modern homes to commence construction.
The property at present has an 18 town homes master plan approved, based on our market analysis we concluded that a different product would better ful fill the needs of the market and provide a product with more appeal. A new master plan was designed reducing the density to 14 units, with 8 single family’s homes and 6 duplexes. These new homes will have lots with areas ranging from 3500 to 5000 sqft, allowing for large back yards to surround the units in three sides and allow for pools and decks.
The community will be fully gated, and each home will have two enclose garages plus two guest parking’s. The project will be designed in a modern style providing the latest technologies like double electric car charger in the garage and sustainable and technological feature that with set them apart from other products in the market at this price point.
The homes will range in price from $1,635,000 to $1,750,000.00 depending on the lot. This product will be extremely appealing to young families that cannot afford the high prices of new homes and is the perfect product for the empty nester downsizing from larger homes that would like to have same amenities and luxury of their larger home without the maintenance and cost.
The project will be required 5 to 6 months for updating plans and obtaining the construction permits. Development will take24 months to complete if built in two stages. During the plan’s preparation period, a pre sale will be conducted and if sales are strong as expected, the project could be fully developed in a shorter time frame.
The Equity Investor will contribute $5,932,083.00 in equity and in exchange will receive 50% of the profits. Once the units are sold the loan will be paid off, then the Equity Investment will be returned, and the Profits will be shared 50% for the Investor and 50% for theDeveloper.
If the loan amount is provided by the Equity Investor, instead of a Financial Institution, the project will pay an interest of 10% on the amount disbursed. This interest will be accumulated monthly and paid, once the homes are sold, paid prior to the profit distribution. The projected return for the equity investor is projected at $3,203,723.00 in a period of approximately 30 months providing a ROI on investment of 55%.
Please contact us for more information.