Historic

Land

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Kentucky Lake

Buchanan, TN

Recreational Land/Conservation Easement

Purchase

The subject property consists of 18 acres and is located along the 160,300 acre Kentucky Lake. TRG felt the property was well suited for vacation homes and tourism with demand driven by the recreational pursuits associated with Kentucky Lake.

 Value Creation

Investment resturns have already been realized through the implementation of a conservation easement.

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Georgetown Property

Georgetown, SC

Recreational Land/Conservation Easement

Purchase

TRG believes the subject property, while not in position to be intensely developed as a residential community, has great potential to be developed in a way that is in alignment with the excellent outdoor recreation opportunities that abound in the vicinity of the Winyah Bay and surrounding coastal regions near Georgetown, SC. The property entails 15 acres with a private lake and access to navigable waters by means of rights to a boat ramp.

Value Creation

Investment returns have already been realized through the implementation of a conservation easement. TRG in the process of selling the residual portion of the property.

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Bath Property

Bath, NC
Recreational Land/Conservation Easement

TRG believes that the subject property, while not in position to be intensely developed as a residential community, has great potential to be developed in a way that is in alignment with the excellent outdoor recreation opportunities that abound in the vicinity of the Pamlico Sound. The property is benefited by regional access provided by I-95 and US 264 and a waterfront location while also complemented by broad southerly views across the river and a relatively flat topography.

Value Creation

Investment returns have already been realized through the implementation of a conservation easement. TRG is in the process of selling the residual portion of the property.

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Lumber Creek

Yulee, FL
Residential Subdivision

Purchase
The property is a not-to-exceed 353 single family lot community. Phase I consists of 105 lots, which were partially developed when TRG acquired from Compass Bank, and Phase II consists of a not-to-exceed 238 lot count, all of which were undeveloped. Phase I was half completed when the housing market collapsed, at which point the project stalled and was ultimately taken back by the bank. TRG negotiated a purchase of the entire project.

Value Creation

TRG completed the infrastructure for Phase I in Q4 of 2014 and is selling lots to two homebuilders.  TRG created a PUD for the second phase and has the flexibility to develop the phase or sell in bulk to a builder or another developer. The second phase will be part of the existing HOA and share the amenities.

Total Investment: $2,600,000
Projected Timeline: 47 months
Original ROI: 59%
Revised ROI: 52%

Note: Artist renderings are conceptual in nature.  Final product may not be exactly as shown.
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Ashford Lakes Estates

Ormond Beach, FL
Residential Subdivision

Purchase

The property consists of 77 single-family estate sized lots that are developed and located within the master planned community of Hunters Ridge. The property was originally purchased by a developer. After the project was developed, the housing market collapsed and only nine lots out of the 77 were sold, as the investment basis was not sustainable at the pricing that builders and retail buyers can afford to pay in today’s market. TRG negotiated an acquisition of the property at a price well below replacement cost.

Value Creation

TRG negotiated a seller financing structure (triggered only through lot sales) in which we were able to reduce our upfront capital requirement with friendly zero-interest debt. This type of low risk leverage for the finished lots allows TRG to sell lots within an anticipated 3-year horizon at pricing that is a win-win for the builders and our investors.  TRG has contracted to sell these lots to one builder who is acquiring lots on a scheduled take-down basis. This builder has a model home and a steady supply of spec home inventory in the community.

Total Investment: $2,200,000
Projected Timeline: 51 months
Original Projected ROI: 60%
Revised ROI: 58%

For more information, visit www.ashfordlakesormondbeach.com

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Huntington Place

Vero Beach, FL
Residential Subdivision

Purchase

The property consists of 145 lots; 121 are inside a secured, gated entrance and 24 lots are in a separate cul-de-sac immediately adjacent to the 121 lots. Similar to other TRG acquisitions, this property was developed by a previous development group but when the economy turned, the basis in the land was too high to stay afloat. TRG was able to acquire all 145 lots in bulk and obtain all developer rights to the community.

Value Creation

TRG implemented a community enhancement plan which will include improvements to the entrances, landscaping and the amenity center. This was a rare opportunity to acquire finished lots below replacement costs which has enabled us to sell these buildable lots to a homebuilder(s) in an ascending housing market in Vero Beach. TRG has a regional builder in place and is considering bringing in a second complimentary builder to the community.

Total Investment: $4,300,000
Projected Timeline: 56 months
Original Projected ROI: 38%
Revised ROI: 47%

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The Reserve at Chelsea Oaks and Pines at Lake Saunders

Tavares, FL

Residential Subdivision

Purchase

The property consists of two adjacent communities, 138 lots in Chelsea Oaks and 47 lots at Pines at Lake Saunders. The land for both properties was fully developed by a homebuilder and sold to an investment group as the investment basis in the land was not sustainable for the homebuilder to build and sell homes during the economic downturn. TRG negotiated an acquisition price to acquire the lots from the seller in a win-win scenario that allowed the seller to receive capital gains tax treatment on the sale and sufficient margin for TRG to be able to sell lots to builders on a takedown basis at today’s pricing.

Value Creation

TRG invested in community enhancements that included significant landscape upgrades, rectify deficiencies to ensure we were in compliance with the approved development plan and install new community signs to provide a strong sense of arrival. TRG hired a third party management company to ensure these communities are maintained to TRG’s highest standards. TRG is selling the 138 lots to a national homebuilder on an aggressive takedown schedule over 6 quarters. TRG is selling the 47 lots to two separate regional builders.

Total Investment: $4,200,000
Projected Timeline: 38 months
Original Projected ROI: 40%
Revised ROI: 24%

 

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Whispering Lake

Cumming, GA
Residential Subdivision

Purchase
This property consists of 163 single-family fully developed lots north of Atlanta. After the project was developed, the housing market collapsed and the investment basis was not sustainable at the pricing that builders can afford to pay in today’s market. TRG negotiated an acquisition of the property well be;ow replacement costs.

Value Creation
The property originally had 163 lots and TRG utilized two of the lots to plan for an amenity center with a pool available for use by the community’s residents. This added attraction for the community, along with TRG’s low acquisition basis, helped TRG negotiate offers with homebuilders for a scheduled takedown of lots within a three year period for a total value of $6.5 million in sale proceeds.

With a homebuilder acquiring lots on a scheduled takedown, the investment immediately starts generating cash with all invested capital to be returned within two and half years.

Commercial

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Palm Cove Marina

Jacksonville, FL
Marina Debt Consulting

Value Creation
This marina project includes a 75,000 sf dry dock boat storage facility, 400 wet slips, a restaurant, pool, shower and laundry facilities, boat sales and a bait and ice store. After being purchased in 2006 by another investment firm, the property was operating at a negative cash flow and investors were considering bankrupting the project as they struggled to carry the property. The ownership group retained TRG management to fully assess the real estate and financial structure of the marina.

After being engaged in the project, one of the principals of TRG did a complete project analysis and prepared a turn-around strategy that addressed both operational and financial opportunities. This included immediate and ongoing dredging to maintain the entrance channel and boat basin, emptying of the spoil site for maintenance dredging, replacement of forklifts, electrical updates from bulkhead to floating docks, replacement of the ship store dock along with three other boat docks, replacement of all dock pilings and an upgrade to the fire protection system in the dry boat storage facility. The ownership group and the lender accepted the turn-around plan, which resulted in a reduction in valuation of the existing mortgage from $16.5 million to $9 million.

http://www.palmcovemarina.com

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Isis At Tuskawilla Town Center

Winter Springs, FL
Multifamily Property Investment

Purchase


This property consists of 41 new luxury condominiums and four ground floor retail units located in a new town center environment in Orlando, Florida. The foreclosed units were originally priced in the mid $300s and were purchased substantially below current market and replacement cost. Prior to closing, the units were leased as luxury apartments. The property is located in a well-established, upper middle class submarket and is surrounded by beautiful landscaped gardens. The town center is anchored by a Publix grocery store and includes a variety of restaurants and shop space tenants.

Value
 Creation

An upscale rental property with strong cash flow was created from a failed new condominium development. The asset is unique in the market, positioned adjoining a new retail town center development. Isis is the only new multifamily asset within the town center and has enjoyed full occupancy.

www.tuskawillatowncenter.com

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Victoria National Golf Club

Evansville (Newburgh) Indiana
Portfolio Investment / Conservation Easement

Purchase

This trophy golf club and portfolio-grade, master-planned development was acquired at a substantial discount to value. The 1100-acre property in Southern Indiana includes Victoria National Golf Club (#47 Golf Digest Top 100 Course), in addition to over 700 acres for single and multi-family residential development and environmentally sensitive land.

Value Creation

Operations have been streamlined and stabilized. The clubhouse and other facilities have been redesigned and renovated, and rental cottages and other lodging have been developed. Additionally, we are marketing new golf memberships and have implemented a conservation easement on designated land. Land will also be used for development of upscale single-family residential consistent with surrounding communities. A new Private Residence Club program was introduced in 2012 with great success.

Investment Returns

Investment returns have already been realized through the implementation of the conservation easement. Our operations team doubled revenue in 36 months and brought operations that had historic seven-figure losses to near break even in year four after acquisition. Membership sales, the Private Residence Club sales and development of land for real estate sales have all generated returns in excess of expectations.

www.victorianational.com

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Great Florida Bank Center

Davie, FL
Office Investment

Purchase

This 28,000 sf office property was under a $13.2 million note and mortgage with the original developer before the property was foreclosed upon. A principal of TRG worked with the developer to negotiate the loan acquisition from Bank of America for $5.75 million.

Value Creation

We acquired the note and mortgage and successfully navigated the court process to obtain the property’s deed. We then created a single purpose entity and operating agreement for the developer and transferred the deed back to them. This strategic move eliminated any debt forgiveness tax issues for our clients.