Old Moultrie Rd
St. Augustine, FL
Equity • CONDO

Min. Invest

$50K

Target Hold

3 Yr.

Return On Investment

24%


Profit Participation

35%

Investment Summary

RealtyeVest has a stake in all real estate investments offered in our marketplace.

RealtyeVest has obtained exclusive rights to an investment opportunity for accredited investors, REV Salida Del Sol, LLC . a Florida limited liability company (the “Company”). The manager of the company is RealtyeVest, LLC, a Florida limited liability company (the “Manager” and organizer of the company).

The Company has been formed for the purpose of providing investors the opportunity to invest in the acquisition of 11.53+/- acres of land and the construction of a 119 unit condo community located on Old Moultrie Rd, St. Johns County, Florida 32086 having parcel number 172935-0000 (the “Property”).

This A-Class Stock offering is available with an annual 7.5% preferred return. Additionally, the sponsors are offering investors a 55/45 waterfall participation on all profits based on their pro rata share. Investors can expect the 7.5% preferred return to be paid monthly. The total raise amount will be $2,575,000, the minimum investment amount from each investor will be $50,000. RealtyeVest will be paid a fee of $75,000 from the raise. Investors will earn a 7.5% annual yield on $2,575,000 while the sponsor will pay 7.725% on $2,500,000 net investment


Investment Type:
Preferred Equity
Investor receives 7.5% preferred return as a current pay. Investor also receives 35% of net profits prior to sponsor’s return of equity
Term:
36 Months
No extensions are expected
Raise Amount:
$2,5000,000
Preferred Return:
7.5%
Profit Participation:
35%

Project Highlights:

Property will be delivered with approximately 80% of the infrastructure complete, permits in place and “shovel ready”, with architectural work in the final stages.

  • Utilities, road, and storm drain infrastructure is in place
  • Remaining dirt and road work commence within ~15 days of start. Construction could commence within 4-6 weeks upon completion of the final architectural and engineering plans (currently 40% complete).

Re-develop this 11.53 acre Property into a sought after mid-priced condo development consisting of residences, a community pool and clubhouse. Beautiful finishes and interior designs will be used to capture the demands of the market.

  • Composed of 119 units in 15 different buildings, our offerings will range in square footage from 1350-1800. Each floor plan features spacious rooms with open kitchens, tiled floors and terraces.

Increasing infrastructure demands by the growing population in and around St. John County, approvals for future condo developments are taking 2-3 years. Salida Del Sol’s permits are approved and in good standing.


Project Timeline:

Months 1-2; Project Funded, Land Purchase Complete, All Sub Contracts Complete, Infrastructure Completion Begins

Months 3-7; First 32 Units Certificate of Occupancy (CoO) and Unit Closings Begin, Sale of Additional Units Occur as Buildings Completed and CoO issued.

Month 8 - 16; Construction Completed on All 119 Units

Months 17 - 37; Sales Completed on Development and SPV Closeout Initiated.


Why We Like This Deal:

  • Off-market transaction at below appraisal value
  • Development permitted and designs 90% complete
  • St John’s County no longer approving new condo developments
  • Convenient access to I-95 and the St Augustine beach for optimal resident appeal
  • Seller’s market with low inventory and high community growth resulting from Corporate commitments and job growth
  • Gap between $150-200,000 condos (currently, no developments are building in this price range) and $250,000- $400,000 condos
  • Currently no condo developments are constructing condos in the $250-$300,000 price range.

Due Diligence Highlights:

  • Visited proposed development site to confirm property is in condition as described.
  • Spoke to the retained developer to confirm condo grade product is to be built at $85 PSF. Also verified the project timeline.
  • Spoke to several local Realtors to confirm the proposed sale price of between $200,000-$300,000 is obtainable. They confirmed.
  • Reviewed numerous recently sold comps. The most comparable are located in the documents section.
  • Spoke to lender to confirm their commitment to the project.


Risk Disclosures:

The offering materials to be reviewed and considered by investors with respect to this offering include the information described in the website content relating to this offering (as amended and supplemented through and until the closing of the transaction) and the subscription agreement relating to such securities (see the "Documents" tab). We refer to all of this information collectively as the "Property Information Package". Investors should review the Property Information Package in its entirety before investing and should consult with appropriate legal, tax, and investment advisors. Please note that RealtyeVest is not serving as your fiduciary or advisor with respect to this opportunity.

Below are certain risks associated with this investment that should be carefully reviewed prior to any investment in this opportunity:

Forward-Looking Statements: Investors should not rely on any forward-looking statements made regarding this opportunity, because such statements are inherently uncertain and involve risks. We use words such as “anticipated,” “projected,” “forecasted,” “estimated,” “prospective,” “believes,” “expects,” "plans,” “future,” “intends,” “should,” “can,” “could,” “might,” “potential,” “continue,” “may,” “will,” and similar expressions to identify these forward-looking statements. Similarly, the financial forecasts contained herein and in any other offering materials are based on numerous assumptions. Although these assumptions are believed to be reasonable, they are all subject to uncertainty. Non-Transferability of Notes: The transferability of the Company's Notes is restricted both by the subscription agreement for that entity and by U.S. federal and state securities laws. In general, investors will not be able to sell or transfer the Notes. There is also no public market for the Notes and none is expected to be available in the future. Moreover, although there is a defined redemption date for the preferred equity investment in the Fund, an extension option may be exercised and in any event, there can be no assurance that the investment will be liquidated at or promptly after such maturity date (as it may be extended). Persons should not invest if they require any of their investment to be liquid. This is particularly important for persons of retirement age, who should plan carefully to assure that their assets last throughout retirement.

Real Estate Market Risk: Investments related to real estate are subject to market valuation risks that may be caused by changing economic and local market conditions such as local real estate market conditions, prevailing interest rates, the rate of unemployment, the level of consumer confidence, the value of the U.S. dollar, energy prices, changes in consumer spending, the number of personal bankruptcies, disruptions in the credit markets and other factors. Such conditions are beyond the control of the Company and of the Fund. Real estate markets are affected by many factors, such as general economic conditions, supply and demand for real estate investments, interest rates, the availability of financing, and other factors, all of which are beyond the control of both the Company and the Fund.

Borrower Credit Risk: The Company’s obligation to make payments on a Note will not be guaranteed for the length of the term corresponding to the borrower’s loan. The Company (and thus investors) will be relying on the borrower for the execution of its business plan in a way that enables the sponsor to repay the principal of the corresponding borrower loan. The borrower may not have a significant record of performance and may be unable to sell or refinance the underlying property in a way that enables the borrower to fulfill its obligations under the corresponding borrower loan. The borrower loan is being made with respect to a property that does not generally meet the financing criteria for conventional mortgages from institutional sources. Credit risk is inherent in the mortgage lending industry, and there can be no assurance that the creditworthiness of the borrower will be sufficient to assure the full repayment of the underlying borrower loan. The Company does not guarantee payment of the Notes or the corresponding borrower loan, and the Notes are not obligations of our borrower.

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Property Summary

Location - The subject is located in St. Johns County, approximately 1.9 miles south/southwest of downtown St. Augustine, Florida. More specifically, the subject property is located on the east side of Old Moultrie Road directly across the street from the intersection of Old Moultrie Road and Ruba Road. The subject property’s municipal address is 0 Old Moultrie Road, St. Augustine, Florida 32086.

The subject’s neighborhood is bordered on the north by County Road #214, on the south by Wildwood Drive, on the east by the Intracoastal Waterway and on the west by Interstate #95.

Current Condition - The site has been cleared, level and compacted. The road work has been laid out and the roadways are 80% complete with road base, lime-rock base, curbing. The asphalt pavement overlay had not been installed. The underground sanitary sewer for mains , underground water mains and fire hydrants with lateral stub outs at each proposed building are installed. The underground electric conduits and stub outs for each building for metering and power are installed. All required stormwater sewers, catch basins, curb inlets and outfall headwalls along the roadways are installed and in place.

Physical Description - The subject property consists of a partially completed 120 unit condominium subdivision situated on a 502,247 +/- square foot or 11.53 acre site zoned Planned Unit Development (PUD) with a municipal address of Old Moultrie Road, St. Augustine, St. Johns County, Florida 32086.

The subject’s parcel is identified by the St. Johns County Property Appraiser’s records as Real Estate Parcel Number 172935-0000.

Municipal address: The municipal address is Old Moultrie Road, Jacksonville, St. Johns County, Florida 32086.

Latitude / Longitude: The subject’s site is located at Latitude 29.841946777343228 and Longitude -81.3262939453125.

St. Johns County Real Estate Parcel Number: The St. Johns County Property Appraiser’s records identify the subject’s Real Estate Parcel as RE# 172935-0000

Property Address Old Moultrie Rd St. Augustine, FL
Property Type Condo

Market Overview

The Jacksonville Metropolitan Statistical Area (MSA)is situated in the northeast section of Florida. It consists of the counties of Duval, Clay, Nassau, Baker and St. John’s. Within this five county grouping, Duval is the largest in terms of population and economic influence. The majority of Duval County has been incorporated into City of Jacksonville. The exceptions are the beaches communities (Atlantic Beach, Neptune Beach, and Jacksonville Beach) situated in the easterly section of the County and the City of Baldwin in the westerly section. The subject property is located in St. John’s County, which part of the Jacksonville MSA.

ST. JOHNS COUNTY is situated south of Jacksonville and includes several distinct districts, such as the City of St. Augustine, Ponte Vedra, and Hastings. The fastest growing areas are in the northern part of the county and include County Road 210 Corridor with the massive Nocatee development. The City of St. Augustine and adjoining beach communities are also growing, and this area is a major tourist attraction. Hastings and surrounding areas are more rural and are mostly farming communities.

The subject is located in St. Johns County, approximately 1.9 miles south/southwest of downtown St. Augustine, Florida. More specifically, the subject property is located on the east side of Old Moultrie Road directly across the street from the intersection of Old Moultrie Road and Ruba Road. The subject property’s municipal address is 0 Old Moultrie Road, St. Augustine, Florida 32086.

The subject’s neighborhood is bordered on the north by County Road #214, on the south by Wildwood Drive, on the east by the Intracoastal Waterway and on the west by Interstate #95. The estimated population within one mile of the subject property was reported by CoStar at 6,371. CoStar reports an anticipated population growth rate of 14.3% between 2016 and 2021 within one mile of the subject property. There are an estimated 2,656 house-holds within one mile of the subject property and an anticipated growth rate of 14.4% for households over this same period ending in 2021. The median household income was estimated at $56,915 within one mile of the subject property.

CoStar reports approximately eight (8) multi-family properties within a two mile radius of the subject property and sixty one (61) multi-family properties within a five mile radius. These include condominiums, townhomes and apartments. CoStar reports the average vacancy rate within a five (5) mile radius of the subject property for multi-family properties is less than 4.8%.

The Statistical Market Analysis chart above indicated that forty nine (49) multi-family properties have sold in the past one year period in Zip Code 32086. Based on this data, the selling prices ranged from a low of $75,900 to a high of $245,900 with the average being $145,823. The sold units ranged in size from 645 to 1,870 square feet with an average unit size of 1,256 square feet. The average listing sold for 96% of the asking price and the average days on the market was reported at 73 days. The subject’s immediate area is exceeding 90% built out and the population in this area is expected to increase over the next five years.

The Statistical Market Analysis indicated that three hundred and thirty four (334) single family residential dwellings have sold in the past 365 days in the 32086 zip code per the NEFMLS. Based on this data, the selling prices ranged from a low of $96,439 to a high of $855,000 with an average sale price of $244,335. The dwellings ranged in size from 880 to 4,878 square feet with an average dwelling size of 1,917 square feet. The average listing sold for 98% of the asking price and the average days on the market was reported at 78 days.

The primary north/south roadways in the area are U.S. Highway #1, Interstate #95 and Highway A1A. The primary east/west roadways in the area are State Road #207 and State Road #312. The bulk of the commercial development is situated along the main roadways such as U.S. Highway #1 South, State Road #312 and State Road #207. Development in these areas are heavily improved with commercial uses such as shopping centers, strip centers, retail stores, restaurants, fast food restaurants, offices including medical professional and business offices; used car dealerships, convenience stores with fuel pumps, banks, churches, car washes, auto parts facilities, apartment complexes, auto service facilities, drug stores, etc.

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