NEW HOUSING DEVELOPMENT IN DOWNTOWN PRESCOTT
EXCELLENT OPPORTUNITY FOR INVESTORS NOW
Castle Homes AZ, LLC is looking to acquire a parcel of land in the Prescott Central Corridor consisting of approximately 10.5 acres (+/-).
We plan to build 20 single-family homes approximately 1,500’ in size. Our design permits for two-story luxury homes, consisting of 3 bedrooms, 2.5 baths and double garages.
After scouting the area and watching the comps in the area we have come to conclusion that this size and floor plan will be best for this location, emphasizing the contemporary, urban feel of downtown living, suitable for high performers, younger employee's taste and starter families preferences and meeting their needs for secure parking at their residences which right now is almost impossible to find in Prescott. Such an approach will guarantee that we produce very attractive and thus lucrative product to potential buyers and therefore fast return on investment.
Right now there are both, severe shortages and very high demand for housing in Downtown Prescott from people who work in the business district buildings. After the close of escrow, we will begin the engineering and design phase, which should take approximately 6 months to complete. At that time, we will begin construction of the improvement and model homes. This property also includes a small section of commercial property that we will be developing as part of Phase II.
The investor will be in a first lien position on the project. Castle Homes AZ, LLC will direct the title company at the close of each home to pay back 100% of the profits directly to the investor group from the closing, less costs of the construction loans and fees; and the closing costs and commissions. Castle Homes Arizona receives a 10% fee of hard costs to pay salaries and overhead. Castle Homes AZ, LLC receives no other funds until the investor is 100% paid back on total amount of capital invested. After 100% payback to the investor group, 50% of all remaining profits go to the investor group and then 50% of the remaining balance goes to the builder Castle Homes AZ, LLC.
Investor should receive 100% of their capital back in about 24 months from the date of the close of escrow after the sale of the first 6 homes. This will give the investor a great annual rate of return on capital that is out.
Note: Investor must invest 100% of the capital required and retain its own CPA to monitor all funds invested on their behalf. The land will be held in the investors' name and all funds distributed will be through the title company. Castle Homes AZ, LLC will have an exclusive contract with the group for the building and marketing of the project with the investor's group. After all capital is returned there will be a profit split between the investment group and Castle Homes AZ, LLC
This development would be very lucrative for residential rentals as well based on the current market cap rates for rental developments.
CALL FOR MORE INFO: 503-347-4755