- Re-entitle to residential lots – 48 single family detached units
- Sell the lots to a public home builder
- Projected 18 month time horizon
- Located at 100 Mayhew Street
- 3.2 acres with a vacant commercial building
Here is the latest update from Fred on our Pleasant Hill syndication:
This will probably be your last update on this project.
Property in Escrow:
Our Vesting Tentative Map was approved 5-0 by the Pleasant Hill City Council. We put out a Request for Proposals (RFP) and received 15 offers from various developers. We worked it down to a short-list of two, and are now in escrow with Tri-Point Homes, Inc.
Under the terms of the Agreement with Tri-Point, they have until May 15, 2017 to complete their due diligence and until the end of May to close. As of this date, all their questions have been asked and answered and they have submitted their package to their home office for final approval. We are not expecting any problems, as the package was very detailed.
Once we close, the Bates-Stringer Accounting Department will review everything to ensure all bills have been paid, after which checks will be cut to each of you to include:
- The amount of your original Capital Investment
- The amount of your Preferred Return
- Profit Share per the pro-rata splits called out in the Operating Agreement
All checks should be distributed by the end of Q2, or no later than 6-30-17.
I would like to personally thank each of you for the trust you have placed in us and for your investment in this project, and I look forward to your participation in other such projects in the future.
– Fred Bates, Developer
Thank you Fred, for yet another successful project for our investors!
Great news! Our Pleasant Hill project is proceeding nicely and we hope to have the property sold by mid-year. Per Fred, our current timeline is as follows:
As noted above, the Requests for Proposals (RFPs) have already been sent to a select list of potential builders and buyers. The RFP is a beautifully done 49-slide presentation you can view here:
Many public builders have been following the project and making unsolicited calls to Fred to voice their interest, which is why we think it will sell quickly. We are excited about these developments and will keep you posted in the next quarterly update in May.
Here is the latest streetscape for our Pleasant Hill project.
We are in the process of putting together our RFP (request for proposal) and will be sending it out to the builder community in February.
Please let me know if you have any questions.
Attached is the Pleasant Hill quarterly update.
In summary: We have already received tremendous interest from builders who wish to buy these lots. Developer Fred Bates, expects to begin marketing in January and reviewing offers in February. It’s going to be an exciting New Year!