00 Ritchie Road, Lorena, Texas 76655

Vanguard Real Estate Advisors has been exclusively retained by Ownership to offer the opportunity to purchase a 18.975 acre multifamily development site located along Ritchie Road in the Waco, TX ETJ. The Site is accessible via Ritchie Road, Devonshire Road, and is less than 2 miles east of Interstate 35. Ownership has completed plans for a phase 1, 278 unit garden-style project on approximately 9.74 acres of the property that is fronting Ritchie Road. This would leave the remaining 9.24 acres for a phase 2 on which Ownership anticipates 280 units can be built. Additionally, as it relates to the phase 1 plans, Ownership had received an invitation letter for a HUD 221 (d)(4) loan in the past. Ownership has also had positive conversations in the past regarding a possible HFC execution on the Site.