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:
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Veterans Hospital – Southern Nevada
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Grocery, Retail/Shopping Centers
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Access to Rapid Transit (Infront of the property) on S boulder Highway connecting:
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Downtown Las Vegas; Entertainment and Employment Hub.
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Downtown Henderson
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Henderson Hospital – major Healthcare district
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2) Close Proximity to:
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Community College – CSN
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Public Schools
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Public Library & Parks
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Shopping & Employment Districts
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The Sponsor and Developer "Foresight Companies" acquired the RAW land for the development of 127 apartments.
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The project will house Families and will be funded through a combination of Equity, Debt, and Sponsor Funds.
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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