Multi-Family Investment Opportunity
Boulder Commons
Number of Units: 119 to 127
Property Type: Multifamily
Lot Size: 3.30 acres
Density: 36 du/a
Stories: 3
Elevators: 2
Club House & Pool: +/-7500 sf
Gross Building SF: +/- 101,541 sf
Net (Leasable) SF: +/- 71,700 sf
Security: Gated
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 119 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: $29,334,346 | $243,707 / Unit
LTC: 70%
Debt: $29,391,303
Equity: $8,943,043
Sponsor Equity: $1,341,456
Preferred Equity: $7,601,586
Debt Terms: 35 Yr Amortization
Preferred Equity Term: 7% Pref | 5 Yrs | Backend TBD
Hold Period: 5 Yrs
Targeted Exit Cap: 4.25% - 5%
Project Level IRR - 10 yr: 16.5%
Equity Multiple: 3.13x
DSCR: 1.22x
Cash on Cash: 5.00%
Pre Development Workload Sep 2023 - April 2024
Site Plan Approval Jan 2023
Neighbourhood Meeting Nov 2022
Civil & Architectural Approvals Nov 2023 - April 2024
Preferred Equity In Place February 2024
Legal & Lender DD Jan 2024
Close of Construction Financing April 2024
Construction Completion 18 Months
First Move In Dec 2025