Starwood Farms is a master planned fourplex community to be built off of Telge Road in Cypress, TX. Construction on the first phase is scheduled to begin in June of 2019, with the first units delivering by Spring of 2020. The project is planned to have 244 total doors. Also in the plans are walking trails, a dog park, 3 play grounds, and a swimming pool. Each unit will also be "smart" equipped with a video door bell, security system, Nest thermostat, and moisture detector. Each fourplex can be individually owned and is projected to perform at a 6.9% cap rate. Contact Steve at [email protected] or 801.362.3392 for details! More details on this project are available at our website, here.
hi Steve. Do I understand correctly that these are sold in groups of 4? When does purchasing actually happen?
@Cristin Andrews , thanks for the message! Yes, this is a townhouse project but the plat was drawn in packages of four so you can use the the standard Fannie Mae 1-4 unit conventional loan. The first batch starts construction in August. I have a couple left in there. If you'd like, my associate Jon can meet you at a similar project we have already started in Spring. That way you can walk through some existing floorplans and get a feel for what an "almost" complete community looks like.
Thanks. I guess my question was more about the when part of the how - are they for sale now? And how are delays in completion handled if contracted now but they aren't finished on time?
Hey, sorry about the wrong answer :) Yes, they are for sale now. They are a preconstruction deal. So you reserve one in advance, close on construction financing (I can talk you through how that works) and then when they're done, you'll refinance out of your construction loan. So we expect the first units to be complete and for rent sometime next summer. Hope that helps. And FYI, your contract is a fixed bid contract so the price can't go up. If the builder goes beyond the 12 months stipulated in the contract, he owes you a penalty of $500/door per month until the building is complete.
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