This investment summary is provided for informational purposes only and does not constitute an offer or solicitation to acquire interests in the investment or any related or associated company. Any such offer or solicitation may be made only by means of the confidential Private Placement Memorandum (“Memorandum”) and in accordance with the terms of all applicable securities and other laws. All information contained herein is subject to and qualified by the contents of the Memorandum. As more fully described therein, participation in any securities offering is limited to Accredited / Qualified Investors. Please contact Old Wood Roads Capital 36, LLC, wholly owned and managed by NRIA Old Wood Roads Manager, LLC, both subsidiaries of National Realty Investment Advisors, LLC (“NRIA”, “Sponsor”), to inquire about obtaining a copy of the Memorandum.
NRIA (Sponsor) is pleased to offer qualified investors the opportunity to participate in the acquisition and development of a luxury residential home site located in one of the wealthiest small municipalities in the US; Saddle River, NJ, ≈20-miles NW of Manhattan, within a short drive of many major NJ arteries (Garden State Parkway, Routes 17, etc.).
Current improvements on the site will be demolished, followed by the development of a ≈6,008sf1 luxury home (total living area ≈7,952sf). NRIA is currently in contract/developing a few luxury homes in Saddle River, specifically targeting the sub-$5M price point. Our focus is to be an alternative to the Upper Saddle River area, at a price point that is easily met by the current demographic, lots that are nearly twice as large, and real estate taxes that are cut in half.
Permit applications will be submitted shortly and should be delivered within 45-days. Sponsorship is targeting a late November, 2017 close on the land, with construction to begin soon thereafter. Marketing will initially start a few months into construction.
Project duration is estimated to be maximum of 18-months from initial close through the sale of the luxury home. Please see the comparable sales analysis supporting our conservative pricing estimate (≈$600psf out sale vs. newly constructed homes averaging ≈$679psf).
Named after the river that flows through the community, the borough of Saddle River in Bergen County, NJ is one of the most affluent communities in the area. Saddle River real estate is mostly residential and offers country living just ~20-miles from Manhattan. Named one of America’s “Richest Towns” by Worth magazine, Saddle River is also a picturesque, luxurious community with a notable history. As of the 2010 US Census, the borough’s population was 3,152, reflecting a 1.5% decline from the 3,201 counted in the 2000 Census. The average household income is estimated to be $250,501 (source: point2homes / onboard informatics). The borough contains both newer mansions and stately older homes on vast tracts of land. While sharing the same zip code as Upper Saddle River, they are two separate towns. Upper Saddle River has 3x the number of home, while Saddle River enjoys the fourth lowest tax rate in Bergen County (≈1.019% vs. the 70-district average of ≈2.515%).