Description
280 Unit Apartment Community Development Oppty 17% IRR
Norfolk, Virginia (Norfolk County)
Asking Price: $18,000,000
Cash Flow: N/A
Revenue: N/A
EBITDA: N/A
FF&E: $67,000,000 (gross)
Inventory: N/A
Year Established: 2024
Number of Employees: N/A
Business Description:
THIS OPPORTUNITY IS A CAPITAL RAISE.
A4 DEVELOPMENT GROUP, LLC (“A4” OR THE “COMPANY”) IS SEEKING INVESTOR(S) TO CAPITALIZE A 280-UNIT APARTMENT COMMUNITY (“THE LANDING AT GREENWOOD”), IN PORTSMOUTH, VIRGINIA.
THE OFFERING WILL BE $18,000,000.00, BROKEN UP INTO 360 SHARES, IN THE FOLLOWING TWO CLASSES:
– CLASS B (180 SHARES OF PREFERRED EQUITY AT $50,000.00 PER SHARE); AND
– CLASS C (180 SHARES OF COMMON EQUITY AT $50,000.00 PER SHARE).
FIFTY PERCENT (50%) OF THE INVESTOR CONTRIBUTION WILL BE CLASS B PREFERRED EQUITY SHARES & FIFTY PERCENT (50%) OF THE INVESTOR CONTRIBUTION WILL BE CLASS C COMMON EQUITY SHARES; TOGETHER, THESE SHARES REPRESENT A COMBINED TOTAL OF FORTY-FIVE PERCENT (45%) OF THE TOTAL PROJECT; THE SPONSORS SHALL RETAIN THE REMAINING FIFTY-FIVE PERCENT (55%) OF THE PROJECT.
TOTAL PROJECT COST PROJECTION: $67,900,000.00; TOTAL CONSTRUCTION LOAN PROJECTION: $49,800,000.00.
PREFERRED EQUITY TWELVE PERCENT (12%) IRR TARGET; COMMON EQUITY SEVENTEEN PERCENT (17%) IRR TARGET.
NDA required {SUBMIT BELOW} to receive comprehensive Confidential Information Memorandum (CIM) crafted by ProNova Partners.
Detailed Information
Facilities:
One location (Norfolk, VA)
Competition:
Other Multi-family housing units
Growth & Expansion:
6-Year Build, Rent, Refinance, and Sale Project. Preferred Cash Flow to Investors.
Financing:
$50 Million debt already secured
Reason for Selling:
5 Investor Tranches drawn down over 6 months for construction. Preferred Shares 12% IRR paid over 3 years. Common Shares 17% IRR paid out over years 4-7.
ProNova Partners Buyer Profile & NDA
***RED STARS ARE REQUIRED FIELDS***
This information is required and must be filled in completely before the Seller will release any vital information, including business address, financial due diligence package on file, and other sensitive confidential information.
It will also be used by ProNova Partners to match your buyer profile with future similar engagements our firm has for sale.
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