January 6, 2019
As exclusive advisor, we are seeking $35 Million of Joint Venture Equity to develop a 116 unit condominium located in the vibrant midtown neighborhood of Sacramento, California. The total development cost is approximately $100 million.
Key Highlights
• Seeking approximately $35 Million of Joint Venture Equity (with an option to be a Co-Developer).
• The Sponsor owns the land and spent over 3 years getting the site entitled (now 100% as of right).
• The deal is expected to generate a 59% IRR, near a 3X Equity Multiple and $68 million of Net Profit.
• The Construction Drawings are 75% Complete, enabling the project to be shovel ready within a few months.
• A direct comp is 100% sold out, and is not fully complete yet.
• Sacramento is the fastest growing city in California and is experiencing some of the fastest rent growth in the nation.
For more information, please contact:
Michael Campbell – CEO mjc@carltongroup.com (212) 716-5611
Steve Fenster – Managing Director sef@carltongroup.com (212) 716-5614
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