CLOSED - Short Term Land Acquisition

BV Denton II Land

Bridgeview Multifamily acquired 22 acres and pre-development work for a future ground-up construction development in Denton, TX.

Representational Photo of Future Development

Investment Type
SHORT TERM LAND ACQUISITION
Annualized Preferred Return
12-20%*
Hold Period
6-12 Months

offering OVERVIEW

Bridgeview acquired 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, Woods at Forest Crossing in Denton, TX.

Bridgeview sought 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 spring 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.

Investment Highlights

  • Current estimate of 20% annualized preferred return with a 12% floor* in case of early redemption
  • Hold Period for the land phase is set to 6-12 months pending market conditions
  • Investor payout occurs once the recapitalization from land phase to development phase is completed within the stated timeframe

*The Preferred Return is not guaranteed as it relies on the performance of the Fund and the underlying assets.

Forest Crossing Development Denton TX

The Forest Crossing development

Investment Location

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. 

Denton, TX

Downtown Denton, TX

highlights of denton, tx

  • Prominent Demand Drivers and Economic Indicators
  • Location Provides Ease of Access with Major Highway Systems
  • Dallas & Fort Worth Both 30 Minutes Away
  • 40% + Population Growth Since 2010
  • Low Vacancy & Strong Rent Growth
  • One of the Fastest Growing Suburbs in DFW
  • Diverse and Well Positioned Economic Base
  • Corporate Relocation & Fortune 500 Presence
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