Mission:
Developer and architectural designer, Layne Scott, has a mission to develop a 100 unit multi-family complex in a growing market that is in need of quality housing while providing a substantial to the company’s investo(s). Initial focus will be on purchasing a plot of land in Midland, Texas large enough to support a two-story development up to 100 units. The apartment units will offer unique living conditions reflective of the surrounding environment, offering tenants eco-friendly spaces. Layne is dedicated to developing a relaxing living environment in which tenants can enjoy all of the benefits of safe, attractive, inviting and environmentally responsive units. Unlike most other multi-family establishments in Midland, Texas that are solely concerned with turning profits, Layne’s objective is to achieve the highest customer satisfaction by creating healthy, happy living spaces for residents and to be a responsible steward of our environment.
The Market:
The proposed multi-family property company will focus primarily on one market. This will be those individuals and/couples and families which have recently moved to Midland to work in the oil industry, which has brought many young people to the area over the last few years and there is now a shortage of housing for many of these newcomers. With a population increase of 4.6% in the last year alone, and most citizens working in the oil industry, the housing and construction market hasn’t been able to keep up with demand. Considering the average persons per home at 2.5, only 60% of new city residents were able to find housing provided by new constrction permits that were issued last year. All of the 2,170 housing units that were permitted for constrction last year were leased or purchased before construction even began.
Investment:
Of the $4.9M needed from investors to fund the project, investors would receive 40% equity.
Lease of 100 apartment units to local residents.
The 48 Apartments, LLC (“The Forty8”) will be managed by Layne Scott. All rental applications, rental listing and other advertisements, accounting and financial reports will be managed by Layne Scott. Layne will consult with his CPA for financial and accounting expertise. A property and financial management software, Buildium, will be used to help manage leases, marketing and financials; providing complete accounting and reports to investors, electronic payments, website management, tenant screening, mobile apps, applications and even maintenance requests. The use of this software will reduce management software costs to a mere $100 monthly. Layne also plans to hire a part-time to full-time leasing assistant at a rate of $18 – $20 per hour depending on level of experience.