NOLA SKY
Residential Infill Development Opportunity in Las Vegas
ABOUT
NOLA SKY
Nola Sky is a new collection of stunning rental townhomes in Northwest Las Vegas. The community consists of spacious two- and three-bedroom townhomes. Each townhome is well-appointed and spacious with forward-thinking features, designer finishes, and resort-inspired amenities including a pool, spa, and modern fitness center.
PROPERTY
HIGHLIGHTS
Description
Spread over 12 gross acres, Nola Sky comprises 40 4-plex buildings, a community center with a recreational pool, dog park, and zero-scape landscaping.
Unit Mix
The property offers a total of 160 units, with each 4-plex building containing one three-bedroom and three two-bedroom units.
Amenities
Luxury amenities include a fitness facility, community room, outdoor pool, covered patio, fireplace, and dog park, providing a premium living experience.
Features
The townhomes feature high-end finishes such as luxury appliances, quartz countertops, full-size washer and dryer, and individual gas/electric meters.
INVESTMENT
OPPORTUNITY
Holding Period:
The anticipated holding period is 12 to 18 months, allowing for project stabilization, marketing setup, and the initiation of the sales process.
Capital Raise:
The General Partners seek to secure a minimum of $15 million in new equity to complete the project and pay off the mezzanine loan, enabling the development to move forward successfully.
Construction Loan:
The current construction loan amounts to $46,371,000, including a $38 million construction loan and an $8,371,000 mezzanine loan.
Take-Out Loan Summary: Upon stabilization, the General Partner intends to secure a permanent loan of approximately $38-40 million to refinance the construction loan.
Minimum Investment:
The minimum investment required is $200,000 per LP interest, with the General Partner reserving the right to accept smaller subscriptions at their discretion.
BUSINESS PLAN
OVERVIEW
Location Advantage: Prime location near mass transit, job centers, and retail.
Luxury Living: Features include quartz countertops, luxury appliances, a pool, and a dog park.
Financial Strategy: Financed with a $33M construction loan and $15M-$20M capital raise.
Investor Returns: 8% preferred return for investors, with additional profits upon property sale.
Exit Strategy: Targeted sale within 6 months to 1 year post-stabilization.
