1101 BALL AIRPORT RD Victoria TX 77904-3008

Victoria Texas MHC Development, is a fully entitled 305 lot manufactured housing community development project. The property is a unique opportunity to build a new MH community in a fast-growing Texas market. The property is located in one of the most attractive areas of Victoria near major retail and easy access to employment nodes.

The asking price for the development is $4,750,000 ($15,574/lot)

There is a second development site available from the same seller.

Victoria is in a perfectly central location in South Texas, positioned between San Antonio, Houston, Corpus Christi and Austin, providing easy access to the area attractions of the major metros in Texas as well as the convenience of the short drive to the Gulf Coast. The county is also primed for the recently announced $5.5 Billion Oil Refinery and will be expected to create new jobs in the county with new for immediate housing.

• Well Located: The property is located between two new subdivisions ($300k+) and is within a 10 minute drive from the city's best retail offerings, golf courses and schools.

• Strong Market: The Victoria MSA has 200,000+ population and is strategically located less than 2 hours from several major cities in Texas, has three ports and many major employers such as Catepillar, Formosa Plastics, DOW Chemicals, etc. The area continues to grow with a new $5.5B refinery (largest in 30 years) recently being announced.

• Construction Ready: Estimated building costs of $9,100,000 ($30k/lot) based on engineering estimates. The property is fully entitled and soon to be permit-ready.

• Pro Forma: Assuming a $1,100 lot rent and 95% stabilized occupancy with a 31% expense ratio we estimate an untrended NOI of $2,766,930.

• Underwriting: Projecting an exit in year 4, $50,500,000 ($165,574/lot) at a 6.5% cap rate will deliver a 31% levered IRR and 2.2x equity multiple.