Stonewood Lakes Estates
113 acres located in Ellis County 1/2 mile from Ovilla
Midlothian Schools
85 1 plus acre lots
Curb and gutter streets, fountains, stone entrance, 3-4 ponds.
Stonewood Lakes Estates
was sold yesterday under an aggressive take down schedule with 3 builers
purchasing all lots in a 24 month time period including construction
time of 6 months. 30 lots are purchased at completion, 30 lots in 9
months, and the remaining 25 lots in the following 9 months. Earnest
money of $300,000 will be secured as deposit.
Simple breakdown of development costs
Land: $1.4m owned by developer to be purchased in development
Infrastructure and soft costs: $2m
Total: $3.4m
Lots are contracted at $55k per lot for a total of $4.6m
Developer is seeking a
private investor for funding of the project. 2 options include just
financing the project, or investment and profit split. The total costs
can be loaned, with developer paying 15% on investor money with small
pref on the profit. Also, investor can fund entire project by cash or
loan funds, and be a partner in the development. Investor will receive
funds in priority after lender if they exist. Investor will be silent
and all construction and City requirements will be managed by developer.