Multi-Family Investment Opportunity

Boulder Commons  

Number of Units:                  127

Property Type:                       Multifamily

Lot Size:                                   3.30 acres

Density:                                    40 du/a

Stories:                                     4 

Elevators:                                  1

Club House & Pool:              +/-3000 sf

Gross Building SF:                  101,541 sf

Net (Leaseable) SF:                71,700 sf

Security:                                  Gated Community 

1020 S Boulder Highway in the City of Henderson, NV between E Horizon Dr. to the South and Collage Dr. to the North.

1) Site is immediately adjacent to:

 

  • Veterans Hospital – Southern Nevada

  • Grocery, Retail/Shopping Centers

  • Access to Rapid Transit (Infront of the property) on S boulder Highway connecting:

    • Downtown Las Vegas; Entertainment and Employment Hub.

    • Downtown Henderson

    • Henderson Hospital – major Healthcare district

2) Close Proximity to:

  • Community College – CSN

  • Public Schools 

  • Public Library & Parks

  • Shopping & Employment Districts

INVESTMENT HIGHLIGHTS

(Offering Memorandum Available After November 2021)

  • The Sponsor and Developer "Foresight Companies" acquired the RAW land for the development of 127 apartments.

  • The project will house Families and will be funded through a combination of Equity, Debt, and Sponsor Funds. 

  • The project will accept VA, Housing Authority, County, and other Vouchers. 

Total Development Cost:                           $21,228,308 | $167, 152 / Unit

LTC:                                                                65%

Debt:                                                               $13,709,290 | $107,947 / Unit

Equity:                                                             $7,519,018 | 59, 205 / Unit

Sponsor Equity:                                             $3,007,607 | 23,682 / Unit

Preferred Equity:                                           $4,511,411 | 35,523 / Unit

Debt Terms:                                                     35 Yr Amortization

Preferred Equity Term:                                   7% Pref | 5 Yrs | Backend TBD

Hold Period:                                                   5 Yrs

Targeted Exit Cap:                                         4.5% - 5%

Project Level IRR:                                         15.2% 

Equity Multiple:                                              2.0x

DSCR:                                                             1.20x

Cash on Cash:                                                 6.25%

Pre Development Workload                             Sep 2021 - Dec 2022  

Site Plan Approval                                              Oct - Nov 2022

Neighbourhood Meeting                                   Oct - Nov 2022

Civil & Architectural Approvals                        Nov 2021 - Dec 2022

Preferred Equity In Place                                   Oct 2022

Legal & Lender DD                                              Oct 2022

Close of Constrctuoon Financing                     Dec 2022

Construction Completion                                   14 Months

First Move In                                                          Mach 2024