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
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LOCATION - HIGH AERIAL
Subject- 258 lots
Bing Maps, 2014
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LOCATION - LOW AERIAL
Subject- 258 lots
Bing Maps, 2014
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LOCATION - REGIONAL MAP
Subject- 258 lots
Google Terrain Maps, 2014
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LOCATION - LOCAL MAP
Subject- 258 lots
Google Terrain Maps, 2014
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MAPS, SITE PLANS & RENDERINGS - VESTING TENTATIVE TRACT MAP 7342 - ZONING
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MAPS, SITE PLANS & RENDERINGS - VESTING TENTATIVE TRACT MAP NO 7242
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MAPS, SITE PLANS & RENDERINGS - VESTING TENTATIVE TRACT MAP NO 7242
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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)
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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
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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
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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
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MARKET - COMPETITIVE PROJECTS
4 3 5
1
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2 3 1. 1
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Source: Real Estate Economics Ran: 08.11.2014 13 VESTED TRACT MAP # 7242, 258 LOTS | BAKERSFIELD, CA
MARKET - RESALE COMPARABLES
MLS, 2014
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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. If Buyer does not exercise these rights, Buyer is acting against the advice of WD Land. Buyer understands that although con- ditions are often difficult to locate and discover, all real property contains conditions that are not readily apparent and that may affect the value or desirability of the property. Buyer and Seller are aware that WD Land does not guarantee, and in no way will assume responsibility for, the condition of the property. WD Land has not and will not verify any of items listed above, unless otherwise agreed to in writing.
This sales information package is subject to changes or withdrawals without notice and does not constitute a recommendation, endorsement or advice as to the value of the subject property by WD Land or the Seller.
This sales information package is the absolute property of WD Land and may only be used by parties approved by WD Land. No portion of this sales information package may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of WD Land and Seller.
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Disclosure and Consent
DISCLOSURE AND CONSENT FOR REPRESENTATION OF MORE THAN ONE BUYER OR SELLER C.A.R. Form DA, 11/06
A real estate broker, whether a corporate, partnership or sole proprietorship, (“Broker”) may represent more than one buyer or seller provided the Broker has made a disclosure and the principals have given their consent. This multiple representation can occur through an individual licensed as a broker or through different associate licensees acting for the Broker. The associate licensees may be working out of the same or different office locations.
Broker (individually or through its associate licensees) may be working with many prospective buyers at the same time. These prospective buyers may have an interest in, and make offers of, the same properties. Some of these properties may be listed with Broker and some may not. Broker will not limit or restrict any particular buyer from making an offer on any particular property whether or not Broker represents other buyers interested in the same property.
Broker (individually or through its associate licensees) may have listings on many properties at the same time. As a result, Broker will attempt to find buyers for each of those listed properties. Some listed properties may appeal to the same prospective buyers. Some properties may attract more prospective buyers than others. Some of these prospective buyers may be represented by Broker and some may not. Broker will market all listed properties to all prospective buyers whether or not Broker has another or other listed properties that may appeal to the same prospective buyers.
Buyer and Seller understand that Broker may represent more than one buyer or seller and even both buyer and seller on the same transaction.
If Seller is represented by Broker, Seller acknowledges that Broker may represent prospective buyers of Seller’s property and consents to Broker acting as dual agent for both Seller and Buyer in that transaction.
If Buyer is represented by Broker, Buyer acknowledges that Broker may represent sellers of property that Buyer is interested in acquiring and consents to Broker acting as a dual agent for both Buyer and Seller with regard to that property.
In the event of dual agency, Seller and Buyer agree that: (a) Broker, without prior written consent of the Buyer, will not disclose to Seller that the Buyer is willing to pay a price greater than the offer price; (b) Broker, without prior written consent of the Seller, will not disclose to the Buyer that Seller is willing to sell property at a price less than the listing price; and (c) other than as set forth in (a) and (b) above, a Dual Agent is obligated to disclose known facts materially affecting the value or desirability of the property to both parties.
NON CONFIDENTIALITY OF OFFERS: Buyer is advised that Seller or Listing Agent may disclose the existence, terms, or conditions of Buyer’s offer unless all parties and their agent have signed a written confidentiality agreement. Whether any such information is actually disclosed depends on factors, such as current market conditions, the prevailing practice in the real estate community, the Listing Agent’s marketing strategy and the instructions of the Seller.
Seller and/or Buyer acknowledges reading and understanding this Disclosure and Consent for Representation of More than One Buyer or Seller and agree to the dual agency possibility disclosed.
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