Multi-Family Land Acquisition

Konhoff Company has multifamily land acquisition expertise developed from years of working for and with institutional apartment REITs, Private Equity Funds and Developers of Luxury Multifamily Apartment Communities. We target land sites with potential to develop Luxury Apartment Communities of between 50 and 350 units. We have developed proprietary systems to efficiently search for new deals using technology and multifamily-specific land strategies to target only those sites that will be of high interest to our partner network and potential buyers of the finished product. We work with land owners and city officials to entitle land for high-density multifamily development projects in high-demand urban infill locations specifically in Northern and Southern California. 

Our Land Target Criteria:
Projected Construction Cost Current Yield:                5.50%
Trended Stabilized Yield:                                             6.00%
Potential Units:                                                              50-350
Minimum Area Rent:                                                     $2.00psf
Construction Type:

• Garden/Walk-up  (up to 28 du/acre)
• Wrap (up to 58 du/acre)
• Podium (type V up to 80 du/acre)
• Podium (type III up to 100 du/acre)

 
What Makes a Good Site:                               

• Submarket supports project type
• Rents and demographics support proposed project
• Good supporting services:  jobs, retail, schools
• Stable to improving area
• Easy ingress/egress
• Good visibility and marketing window 

Entitlement Processing For ZONED SITES  (9-15 Months):

1. File Project Specific Application for Site Plan Approval
   a)  Rental Project:  apply for single lot subdivision or RPD(residential Planned Development)
   b)  For Sale Project:  Preliminary Tract Map
2. Planning Reviews Project  -  Case Planner Recommends Approval or Modification
3. Public Hearings
   a)  Governing Body -  City Planning Commission
   b)  Public Hearings -  Approval or Disapproval – usually appealable to City Council

 Entitlement Processing for sites requiring ZONE CHANGE (12-20 Months)

1. Three Public Hearings–  1st: Hear General Plan Amendment Proposal  2nd:  Rezone   3rd:  RPD
   a)  City Planning Commission Recommends Approval or Denial
   b)  City Council -  Reviews City Planning Commission Recommendation and approves, modifies or denies

 Dealing With Project Opposition

• Konhoff Company utilizes a pro-active Community outreach program
• We Identify and create project proponents
• Include Political Decision Makers in Outreach Effort