Convergence Investments


Current: 250 Acre Master Planned Community

Project Details:

Property Location:
Lewes, DE
Property Type:
Master Planned Community
Acquisition Date:
4.30.12
Project Cost:
N/A
IRR:
N/A
Return Multiple:
N/A
Size:
520 Single Family Units
Status:
Current Project

Project Summary:

The Villages at Red Mill Pond is a master planned community in the heart of Lewes, DE located just a few miles from Rehoboth Beach and Historic Cape Henlopen. The community sits by its 180 acre eponymous pond and offers homeowners the feeling of small town living with first class amenities. Residents have the luxury of close proximity to the vibrant nearby historic beach town of Lewes, DE and ease of access to the famed Rehoboth boardwalk, which includes entertainment coupled with dining and extensive boutique shopping.

In addition to having all necessary approvals in place, the project is well located on a highly traveled route, roughly 4 miles from Lewes Beach. It consists of 520 single family units, a clubhouse, pool, entrance, significant infrastructure, and 79 homes that have already been built and are currently occupied. Twenty-eight of the lots had all necessary infrastructure in place and allowed for immediate build-out by K Hovnanian Homes, the contracted builder. An additional 50+/- lots had partial infrastructure in place, which significantly reduced the time and cost of development. To date over 110+ lots have been taken-down by K Hovnanian and phase four of horizontal construction is set to begin in the Fall of 2015

K Hovnanian Model Homes: http://www.khov.com/RedMillPond

Highlights:

  • Deed on project was purchased for less than 30% of outstanding debt, not including cost of infrastructure already in place
  • Secured builder contract to take-down remaining lots in community
  • Approved lots and land are located in a proven community where national homebuilders have recently been successfully delivering homes to buyers
  • The development is highly visible, has good curb appeal and is located within close proximity to Delaware beaches, in addition to being located within a day’s drive of roughly 1/3 of the entire US population

 

Progress Photos