Holcombe
Situation
Assembled three parcels of land, planned and zoned a 420 unit residential development.
Solution
The community was opposed to this development due to the size and the current traffic and school overcrowding. We were able to make improvements to the school using the sellers funding to acquire municipal approval.
Success
The project was sold to a national builder with a return in excess of 100% IRR in a 24 month period.
Larkin
Situation
Acquired from bankruptcy a failed 18 hole golf course and 600 unit residential development.
Solution
Create a plan for investors that would turn a $1.5 million investment into residential lot and golf course valued at over $4 million. The solution was to reactivate the golf course through good management, capital improvements and create a residential plan that was acceptable by the market.
Success
This project was sold to a national builder to be developed as an active adult community.
Stonebridge
Situation
Acquired a failed 18 hole golf course and 580 lot residential development without sewer.
Solution
The county required $2.5 million to run a sewer line. Partnered with a local industry to receive sewer capacity for $165,000.
Success
The project was sold at over 200% IRR to its investors over a 3 year period.
Delta Bluffs
Situation
Acquired 1300 acres near a proposed ocean port that had previously received development approval but had been terminated.
Solution
Was able to negotiate a new development agreement for 30 years with the county. Development fees 50% of what the rest of the projects in the area were paying.
Success
Is the closest high ground to a new deep water port and is a commercial/industrial development. It was sold for 110% profit margin.
The Greens at Birkdale
Situation
Was a 137 acre mixed use development where three sellers could not agree on the price.
Solution
Average the price by having two of the sellers reduce their sell price to accommodate the third higher price.
Success
The project was sold at a substantial profit 5 years later and won both ULI and NHBA awards.
Legends Oaks
Situation
Acquired an unsuccessful 18-hole golf course and 1200 residential lots.
Solution
Brought in builders and subordinated their lots until they could sell the homes.
Success
Sold out of the project over 1200 units in 8 years and successfully sold off the golf course.
Lake Russell South Carolina
Situation
Acquired from the State of South Carolina land to develop 372 single family lots including community docks and recreational facilities.
Solution
Worked with the State and the Army Corps of Engineers to obtain development rights for the only lots on the lake with docks.
Success
Formed a joint venture with the State including special State legislation requiring the Army Corps of Engineers to sell the land to the State and allow development on a lake that was previously restricted for development.