About Village Lake Apartments
This 208 unit apartment building is located in an A+ area situated on 9.8 acres just minutes from Google and downtown Mountain View – the center of the Silicon Valley.
The business plan is to re-entitle the land within 2-3 years, with the strong possibility of an 18 month exit.
The city council is pro-development, supporting higher density projects and has already shown support for the proposed use of this property.
Investors will receive a 15% preferred return and 10% of the back end profits. The returns are expected to be as good, if not better than his past RWN syndications.
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Below is your project update for PEI Fortbay MV LLC, our Mountain View Project.
Environment Impact Report
The EIR comment period ended in mid-January and only a few comments were received. The City and consultants are drafting the responses and sending soon.
We are formalizing and finalizing a development management agreement and ground lease with the Mt. View Whisman School District to develop the designated 144 affordable units of the property as teacher housing to satisfy the affordable housing and community benefit for the project.
Google Continues Expansion in the Area
Our neighbor Google continues its massive expansion and development plans in North Bayshore with ongoing construction of its 600,000 sf HQ scheduled to be completed in 2020. They have also purchased 50 acres for $1BB, and they have recently submitted development plans for several other larger office development projects also in North Bayshore. This increases the continuing large demand for housing in Mountain View.
City Approval Process
The City planning department has tentatively scheduled the project for Planning Commission hearing in April and City Council hearing in May with a recommendation for approval of the project. Fortbay has extended the Acore loan for the project until September. We have also retained CBRE to market the property for sale or recapitalization in May, pending immediate project approval.
Regarding K1 Timing
Please note the PEI Fortbay MV LLC tax return is complicated given the entity structure. The project CPAs are working on them as quickly as possible, but their current estimation is that they will not be ready for distribution until late March or early April.
If you have any questions, please email them to Syndications@RealWealthNetwork.com.