The property is ideally located in the heart of the Reunion submarket, which is severely underserved with rental properties. Since 2012 the population growth is 27%. There is also almost no supply in the development pipeline in the submarket. The demand in the area is for 300 rental units per year for the next three years.
- The HUD 221 (d) (4) loan is the best construction/permanent loan.
- There is tremendous pent up demand in the submarket.
- There are high barriers to entry because there is almost no land zoned for multifamily in the submarket and COVID-19 has paused any potential competitor in the development pipeline.
- The Sponsor is extremely experienced in this submarket in particular, having done over ten deals throughout their history.
- The site is the most walkable site in the submarket.
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