1. Western Sky Townhomes
November 2015

2. Project Summary Project Name: Western Sky Townhomes
Project Location: Las Vegas, Nevada
280 Condominium Units built to V A / FHA Specification.
One building, with central entrance, total 280 units.
4 stories very attractive modern design.

3. Project Summary
Amenities: Will include swimming pool, club house with offices, workout room, tennis courts, handball, designated and enclosed covered parking. Also playground, gated community, special security system, park like setting with special landscaping, pet friendly and modern appearance.
Each condominium apartment unit will have a balcony, gas fireplace, and name brand appliances including washer/dryer.
Acreage: 9.6 acres
Unit Size and Type – 280 Units, to 1500 square feet

4. Project Description
The project is a “planned development” in Clark County consisting of one phase with condominium units.
The property provides owners with an excellent location with access to the “Strip”. The property also provides direct access to the two new sport stadiums.
The developer has been able to negotiate a reasonable purchase price for the land which enhances return on investment.
The new growth and major turnaround in the economy throughout Clark County and Las Vegas has opened the door for new moderate price point development like Western Sky Condominiums /Apartments.

5. Project Description
Residential demand has never been more apparent as condominium development in recent years has diminished significantly.
48 million tourists visit Las Vegas each year and are served by local residents. As tourism grows so does the number of new residents working in the service sector.
Selling Cost: $370,000 per unit.
The development supports the current demographics of Clark County and Las Vegas and fills a void in the real estate market at these entry level price points.
There will be one building with elevators, that will contain 280 units. This attractive building will have a two section design with central entrance. Each unit will own two covered, parking spots.
The project will be enclosed with a 10 foot wall and green belt surrounding the development.

6. Western Sky Townhomes Pro Forma

7. Western Sky Townhomes - Pro Forma
Apartment Rentals
280 Units will be developed in 1 Phase
280 Units X $2400. per month X 12 months Projected Income
$ 8,064,000
Land Cost
$ 11,500,000.
Hard Construction 110./per sq. ft. X 1340 sq. ft. X 280 Units
$ 42,504,000.
Soft Costs
Arch/Eng.
1,500,000.
Legal
250,000.
County Permits
540,000.
Bond
400,000.
Insurance
380,000.
CPA
125,000.
Supervision
Oversite Supervision
Required Studies
160,000.
Marketing
560,000.
Amenities
Developers Fee
Hookup Fees
1,120,000.
Maintenance Reserve
300,000.
Models
70,000.
Clubhouse
500,000
Office & Administration
320,000.
Contingency
300,000
Soft Cost Total
9,065,000
Land plus Hard and Soft Costs
$ 63,069,000

8. Marketing information letter supporting current and growth

9. Western Sky Townhomes - Pro Forma Condominiums
280 Units will be developed
1380 sq. ft. per 370,000./per unit
Projected Sales
$ 103,600,000.00
Land Cost
$ 11,500,000.
Hard Cost Construction 110./per sq. ft. x 1,340 sq. ft. x 280 units
$ 42,504,000.
Soft Costs
Arch/Eng.
$ 1,500,000.
Legal
$ ,000.
County Permits
$ ,000.
Bond
$ ,000.
Insurance
$ ,000.
CPA
$ ,000.
Supervision
Oversite Supervision
Required Studies
$ ,000.
Marketing
$ ,000.
Amenities
Developers Fee
Hookup Fees
$ 1,120,000.
Homeowners Association
$ ,000.
Models
$ ,000.
Clubhouse
$ ,000.
Office Administration
$ ,000.
Contingency
Soft Cost Total
$ 9,065,000
Land plus hard and soft costs
$ 63,069,000
Interest X 10% X .65
$ 4,019,000
Sales Commisions 3%
$ 3,108,000
Profit
$33,324,000

11. THIS IS THE VIEW FROM OUR LOCATION

12. Marketing

17. Fred Victorson - Experience
Involved in the real estate industry for over thirty five years
A developer, a consultant and also as a university level instructor in this industry
Developed shopping centers, townhome condominium projects, car washes, restaurants and movie theaters
Lead developer on other development projects, such as entertainment shopping promenades and country club high-rise condominiums projects totaling well over $175,000,000
A consultant for other projects such as shopping centers, mixed used office projects, high-rise golf course mixed used properties, golf course conversion, and value-add production purchases

18. Involved in trades of valuable land with the Bureau of Land Management for development projects and consummated these opportunities
His experiences are hands-on and are invaluable as a source of information for teaching and explaining details of these transactions
Taught advanced courses in development at the University of Nevada, Las Vegas as was retained by The Development Factor to teach seminars to industry professionals
Bullish on the current state of development in the United States and has identified numerous locations in the USA that are in need for new development growth as the economy dictates various new business growth to those areas

19. Recent Projects Developed by Fred Victorson
New office complex for joint venture for doctors with possible hospital addition (Value $30,000,000 Developer equity $250,000)
Purchased a major 55 acre property in Las Vegas for development and processed development requirements at Clark County and received zoning for mixed use and commercial use (Value $150,000,000/land only Loan $65,000,000 Developer equity $3,240,000)
Developed two apartment groups in Florida and created conversion arrangement to condominium in a joint venture. (Value $2,800,000)
Made contract for two parcels owned by Whitehall Fund. He negotiated these terms for the joint venture with multi golf course fund/owner for development to enhance cash flow. This developed membership interest and profit. He also entered into a purchase arrangement for this development in Davie, Florida.

20. Taylor International Corp.
Formed in 1940
Most Recent Projects include:
Rampart Bingo Hall - Summerlin, NV
Mercadito - Summerlin, NV
Serendipity 3 - Las Vegas, NV
New York New York - Las Vegas, NV
Embassy Suites - Salt Lake/West Valley, UT
The Martin Lobby Remodel - Las Vegas, NV