Convergence Investments


Current: 50 Acre Master Planned Community

Project Details:

Property Location:
Ocean View, DE
Property Type:
Residential Resort
Acquisition Date:
9/30/2011
Project Cost:
N/A
IRR:
N/A
Return Multiple:
N/A
Size:
200 Mixed-Use
Status:
Current Project

Project Summary:

Convergence  formed a Deferred Purchase Sale Agreement with the seller in late 2011 to procure the 55 acre distressed property. Located adjacent to Ocean View Beach Club (OVBC), the parcel presents many value-add development opportunities. The common preference of residents within the community will be enjoying the close proximity of the beach while having the tranquility of a quiet, charming neighborhood similar to many small coastal villages across the Delmarva Peninsula. The community will offer the feeling of a slower pace of life but is located in easy reach of endless year-round activities.