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2 SFRs @ 1667 Whitham Ave. Los Altos

Team is working on addressing post sales customer issues. Also we are continuing to process invoices for the completed work. 


The support team is busy addressing post sales issues / tickets. We are also processing invoices for the work previously completed. We expect to finalize all invoices and accounting to complete over the next 4 weeks. At that time investors can expect to receive their share of profits from the project.


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The team is working to wrap up post sales customer service tickets as quickly as possible. Typically at this stage in the process, there is a large amount of small issues that need to be addressed and the team is heads down addressing those issues. 


Both lots closed escrow last week (8/15).
 
As mentioned in the last week's update, we are still recieving invoices from our vendors. We expect to settle all bills and distribute profit checks in 45 days from close of excrow.
 

We are happy to announce that we closed the escrows on the Sale Transactions of the 2 homes at 1677 Whitham Ave.  Los Altos  (Lot 1) and 1669 Whitham Ave. Los Altos (Lot 2). The final sale price was $6.6M for Lot 1 and $6M for Lot 2. These numbers are significantly higher from the originally projected sale numbers. However it took us close to 30 months to complete the project as opposed to the originally projected 12 months. It also costed us significantly more on the construction of the homes from what was originally projected.  Overall the project was a success and once several of the pending bills are settled, the accountant will work on finalizing the Profit numbers. 

We are issuing return of Principal checks for the portion of the investment from ACP2 investors today. Investors can expect to see a check in the mail next week for the Principal portion into Whitham.

It will take us approximately 45 days to settle all outstanding bills and finish accounting. Upon that time, ACP2 investors who invested in Whitham can expect to receive a check in the mail for the profit portion.


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Lot 1:

Several punch list items were completed. We met with Buyers to ensure timely closure of escrow. Buyers have signed the purchase docs in escrow and have transferred 50% of the funds. Remaining funds are arriving early next week and escrow is expected to close mid next week. 

Here's link to matterport  for the finished home: 

https://my.matterport.com/show/?m=Z8Kp3Uk928u

Lot 2:

Several punch list items are being worked on. Buyer walkthrough is scheduled for Tuesday. Buyers are expected to sign docs, wire all funds on Tuesday and close on Wednesday.

 

 


Lot 1: We received OCCUPANCY CERTIFICATE on Lot 1 last Friday. Last set of punch list items for the buyers have been completed. Buyer has liquidated stocks and are escrow transaction is expected to close early next week.

Lot 2: We just received OCCUPANCY CERTIFICATE on Lot 2 as well a few minutes ago. We are wrapping up a few last punch list items for the buyers and are on track to close the escrow transaction early next week.

 


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Thanks for joining us in our celebration last night. Hope you enjoyed meeting Kenobi.

 

LOT 1:

We have received Signoffs from Planning, Land Development Engineering, Fire, Geology, Roads and Airports. Waiting on the final signature from Building department. All aesthetic items have been completed minus a couple items which are planned to be addressed post close of escrow. Final walkthrough with buyers and close of escrow is scheduled for next week. 

LOT 2:

We have received Signoffs from Planning, Land Development Engineering, Fire, Roads and Airports. We still need signoffs from Geology and Building Department. There are 10 (mostly minor items) that need to be addressed before Building Signoff. The team is working hard to address these early next week, get signoffs and close escrow next week.


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LOT 1:

We are waiting on last 2 inspections to have occupancy certificate. Also the punch list items are being wrapped up with the goal to close escrow with buyers within July.

LOT 2:

Building inspection is going on at the moment. We have Planning final inspection scheduled for later this afternoon as well. Landscaping is complete. Painting Touchups, cleanups, installation of last set of electrical and plumbing fixtures going on.


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LOT 1:

Received approval and updated permit from Land Development Engineering for grading changes. 

Team meeting with City Officials for final inspections.

 LOT2:

Landscaping 95% completed.

Several punch list items completed.

City inspections scheduled for next week with target of receiving occupancy on both homes next week.


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1 out of 3 walktroughs with the owners was successfully completed and we are working on their feedback.


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Lot 1: 

  • The house is beein cleaned and final walkthrough is being scheduled with the buyers.
  • The County has accepted our updates and we are anticipation for permit and final inspection soon.

 

Lot 2 :

  • Landscaping is 90% complete
  • House is being prepared for punchlist items for interior
  • Currently waiting delivery on finished material prior to complete inside
  • We anticipate final inspection over the course of next 3 weeks

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Lot 1: We resubmitted the grading and drainage plans to Santa Clara County as the next step to receiving final sign-off from Land Development Engineering. We met with Santa Clara County this week and are hopeful that all their concerns have been addressed. At which point, we will need to call for final inspection, and only when that has successfully passed, will they provide us with occupancy certificate for the home. 

 

Lot 2: Railings are being installed and the exterior floor tiles on the concrete are set. We have planted plants around the retaining wall for landscaping. Gas meter and Water meter are installed. Fireplace trim is completely installed and the pavers were also completed.

 

 

 


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Lot 1:

City Planning Staff approved the grading permit revisions. Several interior finising items were worked on this week.

Lot 2:

Excellent progress was made on Landscaping. Several interior finising items were also completed.

 


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Lot 1:

Working with Santa Clara County in order to get the approvals and close escrow.

Interior paint touch ups are 100 %complete.

Exterior Paint touch ups are in progress.

 

Lot 2:

Lanscape work is in progress.

Planters and stairs are 100% complete.

Electric conduit to jacuzzi has is installed.

Interior railings are complete.

Backflow are installed and have pass the inspection.

Driveway demolishion is in progress.

 


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Lot 1: 

Paint touch-ups are almost finishing up.

Lot 2:

Landscape construction has started.

Safety rails are being installed.

Jacuzzi is installed.


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We have been working with Santa Clara County Land Development & Engineering to address their comments regarding grading. We are waiting on the issuance of a revision on grading permit to conduct final inspections.

Lot 1:

As soon as we are able to get the revised Grading permit, we will be able to call for final set of inspections and get occupancy certificate. We expect to receive within 2 weeks and are trying to get County to issue us faster. We will keep you posted. The team is also working through the punch list items inside the house (given below) in preparation for close of escrow with buyers. 

Closet counter are installed

Dry wall repairs are in progress

Stairs is being installed

Baseboards are being painted

 

Lot 2:

Outside landscaping work has begun and the team is working diligenctly to complete the finishing of the home. 


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Lot 1:

Final painting touch ups are in progress.

 

Lot2:

Siding is 100% complete.

Baseboards, Mirrors, Wine Racks are all installed.

The front door is installed.

Wall touch ups throughout the house are in progress.


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Lot 1:

- Sheetrock sub contractor is doing some repairs in preperation for the painter to do his final touch ups

 

Lot 2:

- Siding is stained and is getting a clear protective coat
- All shower enclosures and cabinet handles are installed

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Lot 1: Removal of excessive dirt in order to meet County's requirements as per plans is now complete. We are working on submitting the required paperwork to the County for a few retaining walls on the site as per County's request in order to get the final sign off.

Lot 2: Extensive finishing work is going on accross all trades inside and outside the building. We are expecting to wrap up all construction except landscaping within the next 2-3 weeks.


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Lot 1: Prepairing for the retaining wall work and grading.

Lot 2:  Working on installing baseboards and the plumbing fixtures. Also, started to prepare the sidings to stain. HVAC is 100% complete and the low voltage is 100% complete.

We are working with the Santa Clara County to address their objections on the grading and are submitting revisions early next week for sign off. We expect to have sign off from County Land Development within next few weeks. This is the only blocking issue for closing escrows on Lot 1.


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Rough-in of the mechanical, electrical, and plumbing is underway on Lot 1. We will begin waterproofing the roof and also continue waterproofing over the coming weeks.

On Lot 2, we are working to complete the framing which is currently tracking about 2 weeks out.


For lot 1, framing is nearing completion. We will begin rough-in of mechanical, electrical and plumbing over the coming weeks.
 
For lot 2, second-floor wall framing is making good progress, and we are approximately 3-weeks behind Lot 1. 

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