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.
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.