- Joined
- Nov 29, 2017
- Messages
- 6
I own a vacant site in Vernon, BC. Value of $260K with another $25K of planning/permit expenditures incurred. Land is currently owned clear title. We have a 5 unit rental apartment building designed with the development permit package sitting with City of Vernon. Our current partner would like out to invest in something higher risk, as we have other rental buildings in our portfolio. For that reason, I am out to market to take them out with a new partner.
After negotiations with the City of Vernon, we have been approved to proceed with construction of a 5 unit apartment. The property is eligible for tax revitalization, resulting in almost no property taxes for the first 5 years of ownership. Investor would be a 50% equity partner and we would own together as tenants in common. The JV term would auto-expire after the end of the first mortgage term, making it roughly a 6 year term from today. At that point we would have the option to re-invest or sell off.
Appraised completion value at stabilization (1 year from today) should return 50% of original investor capital. Over the 6 year investment, per annum returns up over 30%! Reach out to Matt @ 250 306 8541 OR [email protected] for details. Thanks
After negotiations with the City of Vernon, we have been approved to proceed with construction of a 5 unit apartment. The property is eligible for tax revitalization, resulting in almost no property taxes for the first 5 years of ownership. Investor would be a 50% equity partner and we would own together as tenants in common. The JV term would auto-expire after the end of the first mortgage term, making it roughly a 6 year term from today. At that point we would have the option to re-invest or sell off.
Appraised completion value at stabilization (1 year from today) should return 50% of original investor capital. Over the 6 year investment, per annum returns up over 30%! Reach out to Matt @ 250 306 8541 OR [email protected] for details. Thanks