A Limited Liability Company, "76 Kerman LLC."
was formed for the purpose of acquiring approximately 76 lots in Kerman, CA
and building 76 homes. The subject property is located in southwest
Kerman. The area is a mix of commercial, residential, and agricultural
properties. There is easy access to State Highway 180, a major commute
link to Fresno. The city is pro-growth and extremely supportive of this
project. This is the second development in Kerman for us and our partner;
developer/builder Jonathan Homes.
This property consists of 76 lots. It is zoned R1
(Residential Single Family Homes). The property has an approved tentative
map, and will be developed with 76 move-up single family homes. The first
phase is anticipated to begin production in July. Home prices are projected to range from $340,000 to
$450,000, (1966 sq. ft. – 3056 sq. ft.).
"76 Kerman, LLC, will own 32.5% of the total
project. We are looking to fund $4,700,000, with our pro-forma
indicating a conservative profit of $2,422,050 in addition to the return
of principle resulting in a Return on Investment of 52%, and an annual
rate of return of 26% over 24 months.
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.
