We are looking for an Investor to Joint Venture in Prime Urban Development Project in Florida
Our team of seasoned developers live in the area and have a proven track record. We identified a lucrative opportunity in a major downtown urban area. Strategically located in walking distance to two major universities, this development project is poised for success.
Our proposal revolves around the acquisition and development of a prime piece of real estate in the heart of the city. The property options include:
$400,000 for land acquisition
This development encompasses a meticulously designed 3-story apartment building featuring 6 units with 15 bedroom/bath suites, along with 14 secure off-street parking spaces and 1 handicap-accessible space. The design includes modern amenities and caters to the demand in the area, ensuring optimal leasing potential.
Based on our thorough market analysis and historical leasing rates in the region, we anticipate a monthly revenue of approximately $24,200 at 100% occupancy. This includes $18,600 per month from 12 one-bedroom and $4,200 from 3 studio apartments. Additionally, we project an additional $1,400 per month from leasing parking spaces.
We have successfully navigated the regulatory landscape, securing approvals for essential documents such as Site Plan, Site Development Permit, Natural Features Inventory Exemption, Land Use Compliance Certificate, and Concurrency Waiver. Furthermore, an existing Cross Use Access Easement with adjacent properties ensures seamless shared use of alleys.
To bring this project to fruition, we are seeking a strategic partner willing to invest $2.5 million. This investment will cover the land acquisition, development costs, and other associated expenses. The repayment structure is designed to ensure a return on investment within 14 months, with funds paid back based on the project's specifications either with a yearly return and 3-5 year exit or a refinance on existing property. (Terms negotiable). Property is also in an opportunity zone so tax incentives are in place.
The proposed building boasts 8,000 heated/cooled sq. ft., with an estimated construction cost, including site work, of $1.75 million. Our experienced team is poised to execute this project efficiently, ensuring quality construction and timely delivery.
We believe that this joint venture presents a unique opportunity to capitalize on a prime urban development in a high-demand area. I am eager to discuss this proposal further and explore the potential collaboration between our teams.