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📍 Eustis, Florida  ·  Upcoming Project

Lake Willie Reserve

Premium Waterfront Development · 200 Luxury Condominiums + 15,000 SF Retail

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200 Residential Units
17.6%–24% Target IRR
$56.4M Construction Budget
$93M Est. Sellout Value
Project Overview

A Landmark
Waterfront Community

Lake Willie Reserve is a premium waterfront condominium development capturing significant pricing arbitrage in a supply-constrained market, delivering institutional-grade returns through disciplined execution and strategic risk mitigation. Located at 2303 E Orange Avenue, Eustis, Florida, this 10.5-acre lakefront site will feature 200 luxury residential units plus 15,000 SF of ground-level retail/medical space. The project blends nature, livability, and profitability for a sustainable exit in any economic cycle — bringing Miami-style sophistication to the Orange Avenue strip.

Location
2303 E Orange Avenue, Eustis, Florida
10.5-acre lakefront site · Partial lake border (Lake Willie) · Near Downtown Eustis
Minutes from SR-19, US-441, and Mount Dora
Market Positioning
Median Sales PSF Nearby $320–$500
Target Sales PSF ~$315–$350
Median Rents (Eustis) $1,850–$3,500/mo
Target Exit Value $85M+
Population Growth 6.0% (2024–2029)
Median Household Income $69,900
Target Buyer Profile
Empty Nesters Orlando Professionals Snowbirds Teleworkers
Why Invest

Investment Highlights

📈
Target IRR
17.6%
1.52x equity multiple over 30-month hold period
🛡️
Downside Protection
40-unit pre-sales
Guaranteed maximum price contract + comprehensive contingency reserves
🤝
GP Alignment
$2.7M Co-Investment
15% of equity with zero distributions until LP 8% preferred return achieved
📊
Construction Cost
$195/sqft
22% below regional average
💰
Target Sale Price
$315/sqft
39% premium to local comparables
🏗️
LP Preferred Return
8%
Quarterly distributions priority
Residences

Unit Mix &
Architecture

Model
A1 – Urban Lakeview
1BR / 1BA
60 units
900–1,000 SF

Private balcony with stunning lake views. ADA-accessible, energy-efficient materials with luxury finishes throughout.

Private balcony Lake views Luxury finishes ADA-accessible
Price Range
$283K–$315K
Model
B2 – Lakeside Corner
2BR / 2BA
100 units
1,100–1,350 SF

Corner layout with expanded windows. Dual balconies offering panoramic lake and courtyard views. Split-bedroom privacy design.

Dual balconies Panoramic lake views Split-bedroom design Corner layout
Price Range
$346K–$472K
Model
PH – Premium 3BR Penthouse
3BR / 2.5BA
40 units
1,500–2,200 SF

Wraparound views of lake, courtyard and pool. Floor-to-ceiling windows, open-concept kitchen with island, and statement primary suite.

Wraparound lake views Floor-to-ceiling windows Open-concept kitchen Guest suite
Price Range
$472K–$693K
ℹ All units feature private balconies, lake views, luxury finishes, ADA-accessible and energy-efficient materials throughout.
Retail Strategy

15,000 SF of Premium
Ground-Level Commercial

Medical Office
Café & Dining
Pharmacy
Boutique Services
Wellness
6.25–7.1%
Projected CAP Rate (stabilized)
89%+
Trade Area Retail Occupancy
Resident Experience

World-Class Amenities

🏊
Pool Deck + Sun Area
Resort-style pool deck with lounging areas and waterfront views
🏋️
Gym & Wellness Studio
State-of-the-art fitness center with yoga and wellness space
💼
Co-working Lounge
Professional co-working lounge and community room for residents
🌊
Waterfront Walking Trail
Lakefront path, boardwalk, and green space along Lake Willie
🏥
Ground-Level Retail
15,000 SF commercial — medical office, café, pharmacy, boutique services
🅿️
Private Parking
Ample private parking and visitor overflow with dual-access design
🏠
Clubhouse
Rooftop clubhouse with panoramic lake views for private events
📦
Smart Lockers
On-site laundry and smart package lockers for resident convenience
Financial Performance

Development Budget
& Returns

Our disciplined cost management delivers construction costs 22% below regional average while achieving a 39% pricing premium through waterfront positioning and integrated retail amenities.

Capital Stack
Senior Construction Loan $43M (60%)
Developer Equity (GP) $9.2M (19%)
Preferred Equity / LPs $15.3M (21%)
Total Project Revenue
$82M–$93M
$400K average unit price
Total Development Cost
$62.6M
All-in cost basis
Net Development Profit
$9.8M (15.7%)
After all fees and carry
Hard Construction Costs
$47.3M
75.6% of budget — GMP contract
Soft Costs & Fees
$7.2M
11.5% — Fixed-fee agreements
Contingency Reserve
$3.9M
6.2% — 4% hard, 2% soft costs
Senior Construction Loan
$43M (60%)
7.25% interest-only, 24-month
LP Equity
$15.3M (21%)
8% pref return, 70/30 split post-12% IRR
GP Equity
$2.7M (4%)
Zero distributions until LP preferred return satisfied
Development Schedule

Project Timeline

1
Phase 0
Now–Q1 2026
Pre-Development
Final design, permits, Guaranteed Maximum Price contract finalization
2
Phase I
Q2–Q4 2026
Construction Begins
Sitework, verticals, 50 units + retail construction starts
3
Phase II
2027
Full Build-Out
Additional 150 units + amenities construction and completion
4
Exit/Refi
2028–2029
Sellout & Exit
Condo sales, lease-up, or retail strip sale — target $93M+ exit
Risk Management

Downside Protection

Every risk scenario has been modeled, mitigated, and stress-tested to ensure capital preservation across market cycles.

Base Case Execution
Disciplined execution per plan
17.6% IRR
10% Cost Overrun
GMP contract + 6% contingency buffer
15.2% IRR
12-Month Sales Delay
Broker incentives + marketing acceleration
13.8% IRR
20% Pricing Decline
Institutional bulk-sale agreement at 92% of pro forma
8.4% IRR
Downside Protection Measures
🔒
Pre-Sale Requirement
40 units (20%) with 10% non-refundable deposits before construction commencement
📝
Guaranteed Maximum Price
All major construction costs locked with established contractor — no open-ended exposure
🏢
Bulk Sale Fallback
LOI with institutional buyer providing exit certainty at 92% of pro forma
💰
Reserve Adequacy
6% total project contingency exceeding industry standard — 4% hard, 2% soft
Get Involved

Secure Your Position
in Lake Willie Reserve

LP positions available. 8% preferred return with 70/30 profit split post-12% IRR threshold. Minimum 40-unit pre-sale requirement before construction commencement.

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