THIS PROJECTED HAS BEEN FUNDED. WE CONGRATULATE THE FAMILIES WHO ARE NOW HOMEOWNERS!
navajo homeownership Project Opportunity Statement: InvestNewMexico.us has an opportunity to purchase (invest) an option held by Pacific Blue Ventures, LLC to acquire the assets of Sandstone Housing. Sandstone Housing is a non-profit organization holding assets of 653 rental homes nine Navajo communities within the States of New Mexico and Arizona generating $4.5 million in annual revenue. Former Navajo Housing Executive Director, Craig Dougall, and staff of Sandstone Housing will remain with new company to manage rentals, renovate and transition of residents to “home ownership”. The homes, with an appraised value of $100 million+, will be purchased for a cash price of $20 million, plus $5 million (total investment $25 million) set aside for renovations, subject to assumption of a $17 million USDA loan ($300 million was spent to build divisions) and condition that buyer must offer to sell to existing tenants at 70+% of appraised value (1.5% mortgage rates are now available through Navajo Housing Authority) with preference to members of theNavajo Nation currently residing in the residences. A 99-year land lease from the Navajo Nation is included in the sale. Navajo Nation has taken over utilities for divisions and made a commitment of $2 million per year for 10 years to assist with renovations and infrastructure. The project will generate between $65 -$85 million dollars in first five years, and new company will make investments in Retail development in the same communities, with a ten year buy out by the Navajo Nation. Expected Rate of Return is 3X to 5X. All homes are located within Opportunity Zones. Interested parties should contact: Kenneth Segura Knoll with InvestNewMexico.us [email protected]O(505)563-5724 C(916)719-8741
