Short Term Vacation Development - Looking For Advice/Direction

[Scott Howard]

I’m new to this site and wish I would have known about it years ago and had access to all of the knowledge and experience sooner.

I am currently working on a short-term, vacation, rental stacked flat development, and looking for a development partner(s) and horizontal financing.

The Project, located in Lake Havasu City, Arizona, will consist of 20 three to four-story buildings, totaling 219 stacked one-to-six-bedroom units. Exceptional amenities are woven into every facet of The Project design, including a resort pool area, family water park, dining and shopping, fitness center, spa, clubhouse, and more.

The property spans over 14.46 acres and is one of the last significant pieces of underdeveloped land in [city redacted]. The land is already zoned for a multi-family development of 250+ units, is NIGHTLY RENTAL approved, and is essentially landlocked due to federal ownership of the surrounding land.

I purchased the land pre-COVID, it is now worth $4.14m more than I paid for it. I’m close to finishing the entitlements with the city and only have a few minor things that need to be addressed, but essentially the development is approved and ready to move to the next stage.

This project vision and plan are rooted in historical STR data of this market, maximizing revenue, occupancy, and ADR. As well, the density, unit bedroom counts, floorplans and the site layout considers the bulk of the STR market, not just segments. I have slow-walked this project to get it to where it is today, so it would stay true to this vision.

I am now starting the process to find a development partner to take the project to completion. As well, as looking at finance options to complete the horizontal and then go vertical.

I am a retired political consultant that has had a side hustle building, remodeling and managing our own vacation homes since 1997. In 2019, my wife and I decided to expand and began managing a portfolio of client vacation homes. As of 2022, we have assembled a skilled international team that manages 40 high-end vacation homes across the western United States.

I have never done anything of this scale, but I know STRs. I'd like to find a partner who makes up for my knowledge gaps, adds high value, and will roll up their sleeves with me.

Any advice or directions would be greatly appreciated.

Scott

The Project's Public Page (NDA at the bottom for anyone that wants to see the investment deck and financials)