Partner Wanted for 50-lot Development in SW Washington State

[Nate Bell]

I have a lead on purchasing an approved 50-lot subdivision 1 minute from my house in SW Washington (White Salmon area). I'm looking for a partner that can bring their own money and/or borrowing power- development experience isn't necessary but would be welcomed. The development already has county approval and the engineering is complete. The major hurdles have been cleared, but the current owners have run out of time/money. We will need $3M+ for the land purchase and site improvements. My wife and I are civil engineers with development, civil/residential construction, and project management experience and have some creative ideas to get the per-lot costs down so that we make $1M+ on this deal. We know all the folks at the county, all the local contractors, agents, inspectors. We currently own 11 properties with 19 units, self manage some of them and built some of them ourselves. We both manage the design and construction of multi-million dollar public improvements for our jobs and are accustomed to budget reporting, progress reporting, negotiations, and permitting. We can handle this development project- we will reduce our hours at our jobs to do so. This won't be fast or easy, but we are willing to put in the hard work to manage this project every day, start to finish. 

The median home price in this area is ~ $450K, and we would be partnered with a premier local builder and personal friend to build 1000-1400 s.f. homes in the $325-375K range to fill an "affordability" void. Your capital investment will be paid back first through the sale of lots and homes, then we will have an agreement on profit sharing for the remainder. If you're interested, please message me directly.