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Vested Tract Map # 7242 Approved • Bakersfield 258 Lots, Ne Bakersfield

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Vested Tract Map # 7242 Approved • Bakersfield 258 Lots, Ne Bakersfield VESTED TRACT MAP # 7242 APPROVED • BAKERSFIELD 258 LOTS, NE BAKERSFIELD Subject- 258 lots Lake Ming EXCLUSIVE OFFERING MEMORANDUM Stacey Osso Steve Relth WDLAND.COM Land Advisor Senior Land Advisor 94 Discovery ▪ Irvine, CA 92618 949.789.4555, X 17 760.433.7422 949.789.4555 ph | BRE # 01211887 [email protected] [email protected] VESTED TM # 7242 , 258 LOTS APPROVED | BAKERSFIELD, CA TABLE OF CONTENTS Page No. Page No. Process & Timing 1 Development Location Maps Overview 9 High Aerial 2 Due Diligence Materials 10 Low Aerial 3 Assigned Schools Exhibit 11 Regional Map 4 Market Local Map 5 City of Bakersfield 12 Maps, Site Plans and Renderings Competitive Projects 13 Vesting Tract Map - Zoning 6 Resale Comparables 14 Vesting Tract Map 7 SP Land Use Map 8 Resale Comparables Map 15 The information contained herein has been obtained from sources we deem to be reliable. Buyer is cautioned to make an independent investigation of the property and review all information concerning the property as no representations or guarantees of accuracy and completeness are made, either expressed or implied by WD Land or its affiliates. BRE License No. 01211887. VESTED TRACT MAP # 7242, 258 LOTS | BAKERSFIELD, CA PROCESS & TIMING Offer Due Date OFFERS ARE DUE NO LATER THAN TUESDAY, SEPTEMBER 9TH. Offer Preparation Due diligence information will be made available to buyers prior to the offer date for the property. Seller is seeking a buyer who has a strong understanding of the property and market, and has completed substantial review of the property without having it under contract. Offers are to be made with the following information provided by Buyer: ▪ Proof of Funds Asking Price $3,000,000 Terms All cash at the close of escrow. Feasibility Period Buyer will have 30 days from a signed LOI to complete a feasibility analysis of the property and 10 days from the receipt of a draft from Seller to sign the Purchase and Sale Agreement. Deposits Buyer to open escrow with a refundable deposit of $100,000. Upon approval of the feasibility period the de- posit shall be increased to $150,000, which shall become non-refundable and applicable to the purchase price. Close of Escrow Close of escrow will be 15 days after approval of the Feasibility Period. Seller Bakersfield- Wasco Investors LLC 1 VESTED TRACT MAP # 7242, 258 LOTS | BAKERSFIELD, CA LOCATION - HIGH AERIAL Subject- 258 lots Bing Maps, 2014 2 VESTED TRACT MAP # 7242, 258 LOTS | BAKERSFIELD, CA LOCATION - LOW AERIAL Subject- 258 lots Bing Maps, 2014 3 VESTED TRACT MAP # 7242, 258 LOTS | BAKERSFIELD, CA LOCATION - REGIONAL MAP Subject- 258 lots Google Terrain Maps, 2014 4 VESTED TRACT MAP # 7242, 258 LOTS | BAKERSFIELD, CA LOCATION - LOCAL MAP Subject- 258 lots Google Terrain Maps, 2014 5 VESTED TRACT MAP # 7242, 258 LOTS | BAKERSFIELD, CA MAPS, SITE PLANS & RENDERINGS - VESTING TENTATIVE TRACT MAP 7342 - ZONING 6 VESTED TRACT MAP # 7242, 258 LOTS | BAKERSFIELD, CA MAPS, SITE PLANS & RENDERINGS - VESTING TENTATIVE TRACT MAP NO 7242 7 VESTED TRACT MAP # 7242, 258 LOTS | BAKERSFIELD, CA MAPS, SITE PLANS & RENDERINGS - VESTING TENTATIVE TRACT MAP NO 7242 8 VESTED TRACT MAP # 7242, 258 LOTS | BAKERSFIELD, CA DEVELOPMENT - OVERVIEW Entitlement Summary Vested Tentative Tract Map No. 7242 (formerly VTTM No. 6446), is approved for 258 single family lots in the city of Bakersfield. The subject property is lo- cated east of Valley Lane approximately 1/4 mile north of Paladino Drive. The map was approved (reinstated) in De- cember 2013. The subject site consists of vacant rolling hills and is currently in an unimproved condition. The project falls within the Specific Plan area of Northeast Bakersfield. Project Size 86± AC Improvements Land is vacant and contains rolling hills. APNs (386-040-12-00, 386-040-33-00, & 386-400-01) Bonds None. Number of Lots 258 lots CFD/Assessment Located within the Consolidated Mainte- nance District (CMD)- maintenance of public park and landscaping. Sizes and Dimensions 7,800 - 23,054 SF lots 9,240 SF- average lot size HOA TBD Schools District: Bakersfield City School District Utilities/ Infrastructure Available to the Site and Kern High School District Elementary: Cesar Chavez (API 817) Estimated Cost Included in Due Diligence Materials Middle: Compton (API 733) to Complete High: Kern Union (API 726) 9 VESTED TRACT MAP # 7242, 258 LOTS | BAKERSFIELD, CA DEVELOPMENT - DUE DILIGENCE MATERIALS Due Diligence materials are available via the Dropbox link below. Please contact Broker or Coordinator if you have trouble accessing the files: https://www.dropbox.com/sh/qcnt82kog8ax1my/AADFbX1N6LwOdD_e_lB-DofRa 10 VESTED TRACT MAP # 7242, 258 LOTS | BAKERSFIELD, CA DEVELOPMENT - ASSIGNED SCHOOLS Barcelona 3 2 1 Bakersfield City and Kern High School District 1 Cesar Chavez Elementary 2 Compton Junior High 3 Kern Union High API 817 API 733 API 726 11 VESTED TRACT MAP # 7242, 258 LOTS | BAKERSFIELD, CA MARKET - CITY OF BAKERSFIELD Bakersfield is a city near the southern end of the San Joaquin Valley in Kern County, California. It is roughly equidistant between Fresno and Los Angeles, which are 110 mi to the north and south, respectively. In the 2010 census, the city’s population was 347,483, making it the 9th largest city in California and the 52nd largest city in the United States. The city is also the county seat for Kern County, which encompasses the entire MSA and is the third largest county in California by area. The total Bakersfield inner urban area, which includes East Bakersfield and Rosedale, has a population of about 464,000 Bakersfield is the focal point of the larger Bakersfield-Delano, CA Metropolitan Statistical Area, which is coextensive with Kern County. In 2010, it had a popula- tion of 839,631, making it the 62nd largest metropolitan area in United States. Bakersfield has a very diverse economy. Kern County is the most productive oil producing county, and the fourth most productive agricultural county (by value) in the United States. Other industries include natural gas and other energy extraction, aerospace, mining, petroleum refining, manufacturing, distribution, food processing, and corporate/regional headquarters. Bakersfield has been known for being a fast-growing city and has seen its population more than triple over nearly 30 years from about 105,000 in 1980 to 347,000 in 2010. Although the city is still growing, its growth rate has slowed in recent years due to the economic recession and high home foreclosure rates. However, in October 2013, Bakersfield was found to be the number two city for real estate investment. The city of Shafter, a small farming town north of Bakersfield, has filed a suit to limit the northern expansion of Bakersfield's city limits. Shafter has also annexed large pieces of farmland to its east and south to ensure that Bakersfield does not envelop its southern area. The large bluff and plateau which lie east of Bakersfield—toward the Rio Bravo and Kern Canyon area—have been under development for the last 60 years. Be- cause the steep, north-facing edge of the bluff provides a view of the foothills, mountains, oil fields, and Kern River, the city government has attempted to bal- ance development and preservation in this area. In addition, city leaders recognize the possibility that extensive development may lead to erosion and land- slides. It is estimated by local officials that Bakersfield and its outlying suburbs will reach a population of over one million people by 2020. Bakersfield Fox Theater Baker Street Branch Library 12 VESTED TRACT MAP # 7242, 258 LOTS | BAKERSFIELD, CA MARKET - COMPETITIVE PROJECTS 4 3 5 1 2 2 3 1. 1 2. 3. 4. 5. Source: Real Estate Economics Ran: 08.11.2014 13 VESTED TRACT MAP # 7242, 258 LOTS | BAKERSFIELD, CA MARKET - RESALE COMPARABLES MLS, 2014 14 VESTED TRACT MAP # 7242, 258 LOTS | BAKERSFIELD, CA MARKET - COMPARABLES MAP Subject- 258 lots MLS, 2014 15 VESTED TRACT MAP # 7242, 258 LOTS | BAKERSFIELD, CA Qualifications and Disclaimer This sales information package and contents hereof, is provided for informational purposes only. Nothing contained herein is deemed to con- stitute an offer of sale or to impose upon Seller, or any of their affiliates, any obligation to negotiate the sale of any parcel or property, and all offers to purchase this property must be accepted by the Seller in writing. No representation or warranty, expressed or implied, is made re- garding the information set forth herein, the factual accuracy or completeness of any such information or other materials contained herein. Seller reserves the right to make changes from time to time to any of the information contained or referred to herein, to change the price and/ or terms and may withdraw the property from the market all without any obligations to notify the recipients of this sales information package. Any party which may enter into any written agreement to purchase the subject property shall make its own independent investigation regarding all aspects of the subject property and the development contemplated thereon without complete reliance upon the materials contained herein. Nothing contained herein is intended in any way to limit or mitigate the need for any independent investigation, which a prudent buyer would be required to undertake in order to determine all facts which could have any effect upon the acquisition or development of the subject prop- erty. Any prospective buyers (“Buyer”) are strongly advised to investigate the condition and suitability of all aspects of the property and all mat- ters affecting the value or desirability of the property, including but not limited to the following items: size, lines, access and boundaries; zoning and land use; any conditions of approval, cost and fees to develop the site; utilities and services; environmental hazards; geological conditions; natural hazard zone; property damage; neighborhood, area and property conditions; common interest subdivisions and owner associations; and, specialty tax.
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