Page 8 - The Addie

INVESTMENT SUMMARY
The proposed project is a residential development in one of the most desired markets in Austin. The property is well-located to capture the strong demand for residential housing in the Westlake Market as there is little new product available. The design, development, construction, marketing, and sales of the project will be executed by experienced project teams; Legacy DCS as developer and General Contractor, DTJ Design Land Planning & Architecture, and Legacy IRP Sales and Marketing. The property site is currently owned by Starwood Ventures, a large asset fund that specializes in large land acquisitions. It has been approved for 50 residential units.
The Timeline below is the projected order of key milestone events to be accomplished in the lifecycle of this Project:
Aug 31, 2018 – Contract signed, Initial Earnest Money Deposit Made $125,000 Oct 15, 2018 – Initial Capital Contribution Requested $275,000
Oct 15, 2018 – Feasibility Expires Additional Earnest Money Required $100,000 Nov 13, 2018 – 2nd Capital Contribution $5,000,000
Nov 14, 2018 – Land Acquired $4,500,000 Oct 2019 – Commence Site Work
Dec 2019 – Launch Marketing campaign Jan 2020 – Sep 2021 - Project Sell Out Jan 2020 – Start Vertical Construction Sep 2020 – First Closing
Oct 2021 - Equity Paid Back Mar 2022 – Project Closed Out
LEGACY COMMUNITIES 6