This project is a conversion of a former 100,000 sf Sears, which is being converted to 645 climate-controlled storage units. The site totals 14 acres. With a lower parking requirement for storage, the remaining land is being positioned for multi-family development.
There is high job growth in the immediate area. Melbourne is often called a “big business community with a small-town feel,” and is home to numerous high-tech companies including L3 Harris, Northrop Grumman Corporation, LockheedMartin Space Systems, Leonardo DRS, as well as countless manufacturers
We received $5,178,320 by way of cash out refinance earlier in 2021, with sale of pads for multi-family development expected in 2022. At stabilization, we anticipate $3.8M being returned through an additional cash out refinance.
1050 S Babcock St., Melbourne FL 32901
The photos were taken on October 31,2021. Construction is currently on hold.
Returns shown are derived from developer projected data. There are many factors that can cause the numbers to be higher or lower than illustrated including time, material and labor costs, rent and operating cost projections as well as interest rates. Potential property level returns will not be indicative of fund returns, due to many factors, which include, but are not limited to, hold period per project, concentration, and management fees. Nothing contained on this site should be construed as tax advice. Please consult your tax professional for specific tax advise. We are happy to visit with your tax professional to discuss Opportunity Zone specific regulations and how they may benefit you. Investments in real estate contain risks that should be understood before investing. The information on this site does not constitute an offering. An offering may only be made by the funds official PPM. Please contact us if you have questions about Opportunity Zone investing or to determine if you qualify to receive offering materials.
Copyright © 2021 GPWM FUNDS - All Rights Reserved.