Cheney Park Commons - Phase II
Approximately 54 Units of Phase II of the Cheney Park Multi-plex is scheduled to be started October 2019 depending upon completion and lease vacancy rates of Phase I. Phase II B-D unit infrastructure will be in place and completed with the completion of phase 1 and we anticipate the construction phase of this will be completed on a much quicker time table than phase one as pertaining to the completed infrastructure.
For every $80,000.00 unit subscribed to, Cheney Park Commons II, LLC (beneficial owners) the investor will own one membership unit or approximately 1 % ownership in the Commons II Partnership, LLC of Phase II of the Cheney Park Multi-Unit Apartment Complex. At this time Equilus Capital Partners is also offering half-share increments at $40,000 for 0.5% ownership in the Cheney Park Commons II, LLC partnership.
All monies will be applied directly to a title ownership interest via the LLC Partnership. Initial funds will be held in interest-bearing equity trust funds until they are moved out of the construction planning phase into the construction or income phase. Annual profits, losses, and distributions are passed through to the membership base for as long as there is operating income in the members LLC portfolio. This project is planned to be held on a basis of 4-10 years, at which time the LLC may sell the multiplex apartment unit for an appreciated asset return of capital.
Based on the all-inclusive cost of $787,500 for the purchase of the properties from Equilus Capital Partners, $7,212,500 Million for site construction and buildout of phase II B-D of 54 multifamily units the Properties as a group are projected to provide an aggregate annual cash flow yield of approximately 6.45% the first year following the completed development by CPCII for the beneficial ownership interests in the Property Partnership. The aggregate annual cash-flow yield is expected to increase on an annual basis from $481,170 in year two to $563,932 in year ten based on contractual lease terms and fixed-rate projection of 2% annual. Projected aggregate first-year net cash from operations of the Properties is estimated to be approximately $471,736. These projections are net total of any debt service, total annual Administrative Fees to the Fiduciary Manager of $12,026 and total projected Administration and Property expenses of $129,607 which includes an annual fee to the Fiduciary Trustee.
Cheney Park Commons - Phase II
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