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 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.
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)
PARKS AND RECREATION
H2O Fitness: 6 mins
Bertram Creek Park:12 mins
Cedar Mtn. Regional Park: 14 mins
City Park: 16 mins
St. Hubertus winery: 7 mins
Cedar Creek Estate: 9 mins
Tantalus Vineyards: 7 mins
Summerhill Pyramid : 4 mins
Michaelbrook Ranch Golf: 8 mins
Harvest Golf Club: 13 mins
Gallaghers Golf & Country Club: 19 mins
Big White Ski Resort: 1 hr
Silver Star Mtn. Resort: 1 hr 20 mins
- 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
- 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
48 three-level townhouse units.