A Limited Liability Company, "220
Corcoran-Plantations, LLC." was formed for the purpose of acquiring
approximately 55 acres in Corcoran, CA. and building 220 homes. The
subject property is located in southwest Corcoran. The area is a mix of
commercial, residential, and agricultural properties. The city has a
housing deficit, with commuters coming into town to work, and no housing
available. There is easy access to State Highway 99 and 43, major commute
links to Fresno and Bakersfield. The city is pro-growth and extremely
supportive of this project. This is the first new subdivision in the city,
and we are at least one year ahead of any other developers.
This property consists of approximately 55 acres. It is
zoned R1 (Residential Single Family Homes). The property has an approved
tentative map, and will be developed with approximately 220 entry level
single family homes. The first phase is anticipated to consist of 54 homes
and it is possible that we might sell the remain lots upon completion of
phase I. Home prices are projected to range from $244,000 to
$285,000, (1200 sq. ft. – 1600 sq. ft.); and Kemp Land Company studies
show that a couple, each making $11.00/per hour can qualify for one of our
homes. There is a waiting list already in place for this project which
will be called "Plantations.
"220 Corcoran-Plantations, LLC, will own 35% of the
total project. Investors have contributed $3,400,000 in funding to acquire
the land. Our pro-forma projects a conservative profit of $4,634,162 in
addition to the return of principle, resulting in an overall Return on
Investment of 136%, and an annual rate of return of 45% over 36 months.
If at any time you have any questions regarding the
project, please call Lee Kauftheil at 800-689-8323, Ron Kahn at 650-279-0366, or Greg Meister at
650-400-5599.
