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.
