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CLOSED- Short Term Land Acquisition
On behalf of Bridgeview Multifamily, BV Capital is seeking equity is seeking equity investors to facilitate the acquisition of 22 acres and pre-development work for a future ground-up construction development in Denton, TX.
Representational Photo of Future Development
Bridgeview is looking to acquire 22 acres to hold for an estimated period of 6-12 months to complete predevelopment work for the construction a 360-unit multifamily project directly adjacent to another Bridgeview sister property (Forest Crossing Development in Denton, TX).
Bridgeview is seeking limited partnership equity of $6,700,000 to facilitate the land acquisition and fund predevelopment work for the future ground up construction development. Investors will receive a preferred return of 20%, calculated on an annualized basis. The time between investment in the land acquisition and construction breaking ground on the development is estimated to be between six and twelve months.
The construction phase is estimated to be fully funded and breaking ground in Q1 of 2024, which is when the recapitalization of the land investment will occur.
In the event that the recapitalization closes quicker, investors will receive a minimum preferred return of 12%. If the recapitalization takes longer than approximately seven months, the accrued preferred return will exceed the minimum.
*The Preferred Return is not guaranteed as it relies on the performance of the Fund and the underlying assets.
Denton is consistently ranked as one of the fastest growing DFW counties, with 40%+ population growth since 2010. The Project will be positioned in an area of growth on the east side of Denton, Texas. The City of Denton is home to the University of North Texas (UNT) and the Texas Woman's University (TWU), which contributes to the local economy with its annual student population of 42,000 and 16,000 respectively (58,000 combined).
According to RealPage, effective rent for multi-family communities in Denton increased 4.1% from $1,291 in the first quarter of 2022 to $1,344 in the second quarter. The occupancy rate in the second quarter of 2022 was 96.9% and was up from 95% one year ago. Additonally, the submarket's occupancy rate was above the market average of 96.2% in the second quarter of 2022 and is expected to be 96.8% in 2022 and average 94.6% from 2023 to 2025. The submarket's occupancy rate has averaged 95.4% since the second quarter of 1996.
With the stabilized occupancy rate in the suburb along with the steady growth of population Denton has enjoyed over the past decade we're excited to close on the land and begin pre-development work for the eventual multifamily project in the future.