A Limited Liability Company, 61 Riverdale, LLC., was
formed for the purpose of acquiring certain real property located in
Riverdale, Fresno County, California, located 20 miles southwest of Fresno
and the subsequent development, construction, and sale of single family
homes thereon.
As an equity partner, 61 Riverdale, LLC. will own 32.5%
of this project in conjunction with Riverdale Baldwin, LLC.. Jonathan
Homes, an experienced developer/builder will be our builder. The
partnership was being formed to develop, build, and sell 61 homes.
Investors will have an equity stake in this project in the form of a
capital account based on the amount of your investment as a percentage of
32.5% of the total.
The investment was $2,400,000. Based upon our pro-forma
analysis, the projected cost of the project is $14,846,945 and the
projected sales are $18,105,000 without additions or upgrades. Financing
for the project has already been arranged and approved with County Bank of
Modesto. The homes are designed for first-time home buyers, and will be
priced from $290,000 to $305,000. As this is a development that was
already in process, plans for the homes have been approved and model home
construction will begin immediately after closing.
We expect to complete the project within 14 – 16
months. Distribution of the profits from the sale of the homes, to which
equity members will be entitled , will be paid quartly after
payment of construction , and development costs, less a reserve for
property taxes and warranty expenses. Investor principal is returned as
part of the cost of the home. Net profit shall be allocated to the
Members in proportion to their percentage interests.
As a Member of this Limited Liability Company, no
Member shall be personally liable for any debt, obligation, or liability
or obligation of the Company, whether that liability or obligation arises
in contract, tort, or otherwise.
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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.
