Page 7 - BRC / AP 4.21.19 v1

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Location: CASTLE ROCK, CO
Loca%on: Li*leton, CO
Product: Bou+que Re+rement Community Total Suites: 140
Current Status: Nego+a+ons
Es+mated Development Budget: $37,800,000
Timing: This site is uniquely posi+oned right off 25 HWY in a very aZrac+ve demo. A very large hospital group is currently developing the corner of the site with a brand new exit. The BRC loca+on is situa+on overlooking a small lake and golf course. The demographics for this area of town are strong. We an+cipate this site closing last of the group due to the amount of construc+on required by other developments. However, we believe that this site could easily be ready for construc+on in Q4 2020.
Location: THORNTON, CO
Product: Bou+que Re+rement Club
Total Suites: 140
Current Status: Nego+a+ons
Es+mated Development Budget: $51,800,000
Timing: Site is situated in booming area of Thornton, CO on a public golf course and numerous nearby ameni+es. Rents support a “Club” but could easily add more units and develop it as a “Community”. We began evalua+ng comps for this site in late 2018 and found strong demand. The City rejected a Top Golf on the site due to NIMBY and the landowner has told us that they want to get zoning issue resolved with City before they agree to sell to us. The es+mate that will be in Q3 2019. With an equity partner and our BRC product we believe that can speed that process up. We reached out to the seller on 4/17 and requested a mee+ng to discuss how our BRC model will ease tensions with the neighbors and provide the City with a much beZer product vs. a Top Golf. We hope to have this site under contract by the end of May and through the en+tlement process by Q4. Closing Q2 2020 with a 24- month build-out.
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