Property Description & Location

Riverwalk Villas is a project of 80 single-family attached townhomes at a clearly superior location situated adjacent to the Auburn Ravine on Joiner Parkway in Lincoln. The project has an approved Vesting Tentative Map and the Final Map is approximately 150 days from recordation. Typical for the City of Lincoln, as well as other jurisdictions in California, while the Final Map is being processed, permits for grading and construction will be issued under the auspices of town home requirements. The General Plan and the zoning, as is required by state law, are in conformance one with the other. The Site Plan as well as the architectural design is already approved. The architecture, structural, mechanical, electrical and civil engineering will be completed during horizontal construction.

All regulatory approvals have been received, except for the Final Map. Environmental clearances in the form of a mitigated Negative Declaration have been obtained indicating that no significant impact will result from the development. All utilities are presently available to the site.

The demand for this attached product is established by several factors: the excellent location, the clearly better product than any of the competing properties, the wide, accommodating financial products available, still at historic low rates. The product is priced below competition, clearly giving greater value and is clearly more attractive in a functional and esthetic fashion easily perceived by the market. Furthermore, we are currently evaluating multiple “green” initiatives for the homes.

The site is 8.63 acres, with Riverwalk Villas offering a total of 80 homes, 160 spaces of parking for residents plus two times the required spaces for guests with parking access from the alley. The property also provides meandering walking paths alongside the Auburn Ravine. Each home has access through the attached garage or entry from front promenade. The buildings are each 8,400 square feet with four (4) homes, 10,500 square feet with five (5) homes, and 12,600 square feet with six (6) homes square feet. Sales prices average $152.07 per square foot with the homes averaging just under 2,100 square feet each. The buildings total 164,458 square feet of living space plus 35,200 square feet attached garage space. Every home has its own private large, usable balconies, the kitchens are special with granite counters and the home offers other comparable up-scale standard upgrades. The market can clearly see that they are appointed with easily recognized quality. All special and all to reduce risk and increase the velocity of sales.