Accredited Investor Opportunity

Promontory at Upper Mission is 4.5 acres of prime view land located in an exclusive neighbourhood on the highest residential point in the Kelowna area, offering sweeping views across the valley and lake.

Built with the same features as Promontory Kelowna (Knox Mountain), Upper Mission will have affordable price-points, solar panel energy, family-friendly spaces and spectacular views in a prime Okanagan location.

THE STRATEGY

The developer has acquired the property for $2.2 million and it will be developed maximizing land use as the only multi-unit residential property in the area. The project will be 48+ single-family townhomes built in 9-12 phases.

THE OPPORTUNITY

Investors can receive an annualized targeted 18% preferred return on equity upon completion and sale of the real estate.

A two-stage equity development partnership opportunity.

TRANCHE ONE¹: $4 MILLION

Purchased Land ($2.2M): 4.5 acres of prime lake and city view land zoned for 48 units. Development permits within 6 months, maximize land use, increase density. Land purchase price = $37 psf buildable.

TRANCHE TWO¹: $4 MILLION Completion within 24 months after completion of Tranche one

Build and Sell: A minimum of 48 townhomes² at an affordable price within a luxury market

 

*LIMITED PARTNERS’ RETURN ON INVESTMENT (ROI):

Investors receive a targeted 18% annual preferred return to be paid upon
completion of the construction and sale of the real estate. Project is expected
to be completed within 30 months.

The General Partner’s profits will not be realized until Limited Partnership Investors have received back their investment and preferred return.

For more information, speak to a representative of Evest Funds’ private equity broker, Waverley Corporate Financial Services.

1: Please review the Term Sheet for full details on this offering.
2: Current base assumption is to build 48 townhomes.
E.&O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Evest Funds Inc.

BC’S FASTEST GROWING METROPOLITAIN AREA*

From the rise of Kelowna’s young entrepreneurial spirit and the rush of people choosing Kelowna as their new home, the city is the most diverse its ever been. Retirees from across Canada are choosing Kelowna for its laid back lifestyle and dry climate. Families choose Kelowna because of its great outdoor spaces.

  • POPULATION GROWTH INCREASED 2% (between 2017-2018, BC Stats)
  • HOUSING STARTS DOWN 17.5% (2018 Q2 – 2019 Q3, CMHC)
  • MEDIAN HOUSE PRICE UP 25.3% TO $901,250 (since 2017, CMHC)
  • AVERAGE RENT (2 BED) UP 10% TO $1267(from Oct. 2018 – Nov. 2019,CMHC)
  • UNEMPLOYMENT DOWN 1% TO 5% (from 2017 to 2019, Stats Can)

* Details found at promontorykelowna.com

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PARKS AND RECREATION

H2O Fitness: 6 mins
Bertram Creek Park:12 mins
Cedar Mtn. Regional Park: 14 mins
City Park: 16 mins

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WINERIES

St. Hubertus winery: 7 mins
Cedar Creek Estate: 9 mins
Tantalus Vineyards: 7 mins
Summerhill Pyramid : 4 mins

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GOLF

Michaelbrook Ranch Golf: 8 mins
Harvest Golf Club: 13 mins
Gallaghers Golf & Country Club: 19 mins

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SKI HILLS

Big White Ski Resort: 1 hr
Silver Star Mtn. Resort: 1 hr 20 mins

THE NEIGHBOURHOOD

  • Breathtaking views of Kelowna, Lake Okanagan, and forested mountains
  • Brand new public schools
  • Quiet and serene
  • Upscale neighbourhood

FEATURES & AMENITIES

  • Large spacious floor plan
  • Detailed finishings
  • Panasonic smart home appliances
  • Two unique colour schemes
  • Pets allowed
  • Views Optimized throughout the project
  • Solar Panels installed
  • Parking for all homes

LOCATION

  • Close to several wineries
  • Golf Courses within 10-15 minutes
  • Trails and hiking at your doorstep
  • Rancher style living
  • Surrounded by nature
  • 15 min to Downtown Kelowna

Historical price range for Strata and Single-Family Homes in Upper Mission area

  • Single family homes priced between $700-800k sold well in 2018 and 2019.
  • Homes priced $1-1.2 mil also sold well.
  • Sales of townhomes and condos between $300-600k remain strong.

48 three-level townhouse units.

THE TEAM:

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Trusted and experienced team

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Experts in real estate project development

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Established track record

Register for Promontory at Upper Mission

Please fill out the form to express interest in the Promontory at Upper Mission project.

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