The best development offer. Application deadline: October 30
Application deadline: October 30
The seller is a retiring private investor. The sale offer includes 4 plots totalling 2,369 m². The buyer under the forward transaction is Housing Trust Group, Florida's residential property development market leader participating in the affordable housing Tax Credit Program.
The condition on which the plot is purchased is the obtainment of governmental approval. The local authorities are interested in developing such projects and approve 95% of the applications. The developer has provided a LOI for the purchase of the plot.
In the case of Housing Trust Group's application not being approved the investor retains the plot and can construct an apartment building independently or jointly with the developer. The project budget is $32M (including the price of the plot), the project term is 5 years, the levered IRR is 32%.