The investment involves the acquisition of a residential lot in San Jose, and construction and sale of four (4) single family homes. The land is in close proximity to Santana Row. The lot is zoned for four (4) single family homes. Tentative parcel map has been approved, and final plans have been submitted. Construction is targeted to start in three (3) months. The Sponsor will acquire the necessary permits, rebuild, and sell the four homes within 18 months.<br/><br/>
The principals of the Project Sponsor have successfully built several homes in CA over the past decade. The Sponsor is in contract to purchase the property in August 2016. Accordingly, the primary objective of this investment is to (1) purchase the property, (2) complete the rebuild work upon closing of the transaction, and (2) sell the homes or cash investors out within 18 months.