The Land Acquisition and Development Groups of JMJ are structured divisions separately responsible to management for purchasing and acquiring raw land, developing a plat map of the parcel that fits within zoning codes and has the capability of meeting per lot cost projections needed to meet the gross returns on investment as programmed and formatted by senior management of the Company.
The Land Acquisition Group develops the plat map under JMJ direction, plans out the use for the land, including subdividing into individual lots and designs the utilities, ingress, egress and roadways.
Land will be acquired for residential single family and multifamily residences. The land may be sold to other land developers at a profit at any stage of improvement. Whether acquiring a larger parcel, desiring to meet a timetable or capitalizing on the liquidity of an opportunistic sale, the decision to develop or dispose is an economic decision to be made by the general manager. The Company and JMJ have a reliable network of local and national developers in the industry and lots also may be acquired by purchasing from other developers that have surplus lots under contract or have a cash shortage.
The Management Team will focus on privately negotiated transactions rather than limiting themselves to competitive auctions when acquiring land parcels for development or acquisition that fit the overall vision of the company. The privately negotiated transactions are generally the “off-market” transactions that are superior to the widely published properties at a public market. This strategy is critical to obtain land parcels for the specific price point where residential property can be developed at a specific profit level to produce the desired returns.
JMJ’s experience has given its management known constants for estimating financial results within certain parameters. A similar process is used for multifamily property and while the tasks, design, engineering and other factors differ, JMJ’s management has the expertise to complete development and meet deadlines on budget.
The Bear Creek Ranch, consisting of 2,055 acres of undeveloped land, is located in Parker County, Texas within a 20-mile radius from downtown Fort Worth. The land consists of rolling Texas native prairie with high elevations offering scenic vistas of the native country side and the city skyline of Fort Worth. There are scenic draws with flowing water and of course Bear Creek crosses a portion of the ranch. This development is located within the acclaimed Aledo school district.
JMJ has preliminary platting on 483 acres out of the 2,055-acre tract. The 438 acres will be improved with 269 lots (averaging 2 acres with onsite water and septic). The land will be developed in 5 Phases. Construction on Phase I will be phased in over the next 16 months and is scheduled to start in May 2019. The average starting sales price will be $150,000 per lot when sold to third parties. The additional 1,517 acres will be master planned for future development, and eventually include more than 1,500 homes. Many of these are planned to be developed to generate a further return similar to the initial allocation or sold to viable regional or national public home builders to add a variety of single family resident floorplans and fresh, new curb appeal to enhance the overall attractiveness of the parcel. Proceeds from any sale will be deployed in new, highly attractive alternative real estate development ventures as outlined in the plan.
The Berkowitz property, consisting of 195 acres of undeveloped land, is located in Johnson County within the Venus, Texas is within a 30-mile drive from both Dallas and Fort Worth. The principal attractions for the parcel are its quiet neighborhoods and the classic small-town charm.
JMJ has filed preliminary platting on 195 acres for a total of 134 lots. These lots will range from 1-acre to 1.6-acre. Construction will be phased in over the next 12 months and is scheduled to start in May 2019. The average starting sales price will be $75,000 per lot when sold to third parties.
Berkowitz is located in the Venus Independent School District featuring a small teacher to student ratio providing a distinct educational experience for young families to engage. Venus provides the classic small-town charm with several historical sites and town events to fill any young families calendar.
Northstar, consisting of 65 acres and 128 acres of undeveloped land shall be combined into one master planned development for 667 total lots to be constructed in 4 total phases. The properties are located in Johnson County with a portion of the tract annexed to the City of Venus with balance to be annexed shortly. The project is exactly 31 miles from each the two major cities, Dallas and Fort Worth. The City of Venus provides a country feeling with a very comfortable commute to either major metropolitan area.
JMJ has preliminary platting on 41 acres out of the 193-acre tract. The 41 acres will be improved with 211 lots to include a mix of 50’ to 60’ lots. Construction will be phased in over the next 9 months and is scheduled to start in May 2019. The average starting sales price will be $47,500 per lot when sold to third parties. The additional 152 acres will be master planned for future development and eventually include more than 456 homes.
Ridgeview Addition, consisting of 15 acres of undeveloped land, is located in Venus, Texas. This lans is within a 30-mile drive from both Dallas and Fort Worth. The principal attractions for the parcel are its location adjacent to the Venus High School and the classic small-town charm.
JMJ has final platting with completed construction drawings on a total of 54 lots. These lots will all be 50’ by 108’. Construction will be completed over the next 10 months and is scheduled to start in May 2019. The average starting sales price will be $52,500 per lot when sold to third parties.
Orchard Village consists of 145 acres of undeveloped land located within the Ft. Worth city limits in Tarrant County, Texas. The property is located on heavily travelled roads which are all slated to become major arterials providing excellent access to Interstate Highway 35 and Interstate Highway 20. Orchard Village is within 2 miles of several major employment centers and a short 15-minute drive of major retail shops.
JMJ has completed the platting for 988 single family residential lots with 18 acers dedicated to public parks. Orchard Village will be developed in three phases with Phase 1 consisting of 211 single family lots, Phase II consisting of 132 single family lots and Phase III consisting of 311 single family lots. Construction on Phase I will be completed over 11 months and is scheduled to begin in May 2019. The average starting sales price in Phase I will be $30,000 per lot if sold to third parties. Phase II will consist of 132 larger lots with an average selling price of $47,500 per lot if sold to third parties and Phase III will consist of 311 smaller lots with an average selling price of $30,000 per lot if sold to third parties.