The Sponsor acquired a property including One Remodel, Six Houses, Six AADU’s and Six DADU’s in the Summer of 2021 and plans to start construction in the Winter of 2021. The houses, AADU’s and DADU’s will be marketed to the public starting in the Fall of 2022. The homes are located in South Seattle near Kubota Gardens. The sponsor plans to market the homes and DADU’s affordably priced. The house will be sold for approximately $800,000.
The project will have a total cost of approximately $9,077,740. The total cost will be financed with a construction loan(s) totaling approximately $6,676,240 (74% LTV) and investment equity of approximately $1,401,300. In order to raise the investment equity, the sponsor is offering up to twenty-two (28) $50,000 investment shares in a single purpose LLC formed solely to develop the property.
Each $50,000 investor will be entitled to a priority return on their investment representing a 10% annual return (a profit priority before the sponsor’s participation), plus a bonus return potentially increasing the total return to 30% of the total profit of the project. It is anticipated the project will be executed within a two-year time frame.
- Close in Seattle Location
- Near Schools, Shops, and Seattle
- Affordably Priced
- Desirable Three Story Design
- Upgraded Stainless Steel Appliances
- Near Kubota Gardens
- Quartz Countertops