Well-located site with high barriers to entry, and adjacent to the largest economic driver in the state of Texas.
FORT WORTH, TEXAS | 337 UNITS
ELIZABETH CREEK
KEY CONTACTS
Robb Crumpton
CHIEF EXECUTIVE OFFICER
robb@livdev.com | 205.484.2841
Katie Stripling
CHIEF OF STAFF & DIRECTOR OF OPERATIONS & STRATEGY
katie@livdev.com | 205.484.2838
Jason Bailey
CHIEF LEGAL OFFICER
jason@livdev.com | 205.484.2843
Andrew Murray
CHIEF DEVELOPMENT OFFICER
andrew@livdev.com | 205.484.2836
Jeff Hicks
CHIEF FINANCIAL OFFICER
jeff@livdev.com | 205.484.2845
Reid Abernethy
CHIEF INVESTMENT OFFICER
reid@livdev.com | 614.460.0015
INVESTMENT HIGHLIGHTS
Superior location within the largest employment driver in Texas
Exceptional return metrics
Supply shortage and progrowth economy
Proven track record in Fort Worth
EXECUTIVE SUMMARY
LIV Development is pleased to introduce Livano Elizabeth Creek, a 337-unit multifamily community located in Fort Worth, Texas. LIV is seeking a limited partner to provide $31.5MM (90% of the total equity) to capitalize the project.
Livano Elizabeth Creek is strategically positioned to offer a Class-A, amenityrich, single-family rental and multifamily community in a supply constrained submarket within a highly acclaimed city. Thanks to its low tax rates, skilled workforce, and business-friendly environment, Fort Worth ranked first on Forbes' list of best cities for business and is also ranked among the top 10 cities in America for job growth, population growth, and corporate relocations. It is also the best city for young professionals (Niche). With only 455 multifamily units and 520 build-for-rent units under construction within 12 miles of the property (CoStar), LIV is set to deliver a better amenitized, executed, and designed community at the next trough of multifamily construction in Fort Worth.
Advantageously located at the crux of I-35 and Highway 114, Livano Elizabeth Creek offers immediate access to over 100 businesses in Champions Circle, more than 66,000 jobs in AllianceTexas, and the vibrant, diverse economy of greater Fort Worth, with the central business district just a 20-minute drive to the south.
Fort Worth boasts a thriving economy with key industries such as aerospace, energy, technology, and healthcare, which aid in the immense job creation and population growth that Fort Worth has experienced. The city's affordable cost of living, coupled with the urban revitalization of Northern Fort Worth has fueled demand for upscale rental communities in this area.
Additionally, Fort Worth's growing population of young professionals and its proximity to business hubs and transportation infrastructure make it an attractive location for investment in luxury multifamily, offering the potential for strong yields, capital appreciation, and long term growth.
ELIZABETH CREEK
PROJECT OVERVIEW
PROPERTY SIZE
LOCATION
PROPERTY DESCRIPTION
PROJECT RENTS
TIMELINE
GMP Contract: Nov 2025
Building Permits: Jan 2026
Land Closing: Nov 2025
Construction Start: Nov 2025
CAPITALIZATION
Debt (60%)
LP Equity (36%)
LIV Equity (4%)
Total Project Cost
STABILIZED (UNTRENDED) ROC
PROJECTED RETURNS (3 YR HOLD) CASH ON CASH
17.3 acres
SWC Championship Parkway & Highway 114
A 337-unit Class-A, 3- and 4-story community with single story for-rent cottages totaling 388,539 sq. ft. and an average unit size of 1,062 sq. ft. The project will consist of six buildings, 55 for-rent cottages, a standalone clubhouse, and surface parking.
$2,120/unit or $2.00/sq. ft.
Pre-Leasing Start: Feb 2027
Construction Completion: Oct 2027
Projected Sale: Nov 2028
$52,454,080
$31,472,448
$3,496,939
$87,423,467
23.1% gross IRR / 1.67 MOIC at a sales capitalization rate of 5.25% ($320,270/unit)
Project Location
PEROT FIELD | ALLIANCE AIRPORT
DRIVE TIME: 7 MIN
PLAN
DRIVE TIME: 4-15 MIN
DRIVE TIME: 12 MIN
DRIVE TIME: 20 MIN
LIVANO ELIZABETH CREEK
DOWNTOWN FORT WORTH
ALLIANCE TEXAS
ALLIANCE TOWN CENTER
ROANOKE
FORT WORTH MEACHAM AIRPORT
CHAMPIONS CIRCLE MASTER
TEXAS MOTOR SPEEDWAY
DRIVE TIME: 10 MIN
DRIVE TIME: 15 MIN
DRIVE TIME: 9 MIN
DRIVE TIME: 15 MIN
SOUTHLAKE
DRIVE TIME: 16 MIN
DRIVE TIME: 18 MIN
DRIVE TIME: 20 MIN
DRIVE TIME: 20 MIN
CIRCLE T RANCH
DALLAS-FORT WORTH AIRPORT
GRAPEVINE LAKE
TROPHY CLUB
GRAPEVINE
WESTHOUSE (LIV, 2020)
LIVANO CANYON FALLS (LIV, 2023)
Superior Location Within the Largest Employment Driver in Texas
Livano Elizabeth Creek is located in the highly amenitized Champions Circle Master Plan, a 500-acre mixed-use development. Positioned adjacent to AllianceTexas, the state's largest economic hub spanning 27,000 acres, this community provides residents with unparalleled opportunities to live, work, plan, dine, and shop. The development features more than 575 companies and employs more than 66,000 people. Since its inception in the 1990s, AllianceTexas has produced $120B in total economic impact, including $9.84B in 2023 alone, and has paid more than $3.8B in taxes. A premier location within Alliance will give residents access to the best of what North Fort Worth has to offer.
Exceptional Return Metrics
Livano Elizabeth Creek's strong fundamentals are underscored by its impressive returns, competitive development basis, and favorable market trends. The project achieves a noteworthy 21.1% gross IRR and a 6.80% untrended return on cost (7.04% trended), with a cost basis 8%-30% lower than recent market sales. Even with a significant buildfor-rent component, the community maintains an attractive cost basis of $259k per unit ($244 per sq. ft.), thanks to efficient and purposeful designed aligned with current market data. The multifamily component stands out with a low cost basis of $244k per unit, remaining below current replacement cost for many other projects, further highlighting Livano Elizabeth Creek's financial strength.
Livano Elizabeth Creek
In July 2024, Goldman Sachs made a notable return to the DFW market for the first time since 2017 with a record-breaking $135 million acquisition of The George.
Supply Shortage and Pro Growth Economy
Low cost of doing business, exceptional school districts, high quality of life, and affordability position Fort Worth as the highest rated pro-growth city in the country. Fort Worth is the 11th largest city in the country, and Denton County, home to Livano Elizabeth Creek, has a population of over 1MM people, and is projected to grow by 100,000 people by the time first units deliver. As neighboring submarkets approach positive absorption and construction deliveries significantly dissipate in 2026, a housing shortage is imminent in the area. With only 455 competing multifamily units and 520 build-for-rent units under construction, Livano Elizabeth Creek will be well positioned at the peak of the housing shortage as first units are scheduled to deliver in early 2027.
Proven Track Record in Fort Worth
LIV has a proven track record of successfully developing projects that exceed our partners' expectations and underwritten returns in Fort Worth, and Livano Elizabeth Creek will be no exception. Located in an affluent submarket and a desirable part of Fort Worth, Livano Elizabeth Creek will be a more centrally located, connected, and amenitized project when compared to LIV's other Fort Worth projects: Livano Canyon Falls, Westhouse, and The McCoy. Each outperformed proforma expectations for rents, returns, lease-up velocity, and sales, and showcase LIV's ability to develop a best-in-class product that outperforms its competitors. LIV's history in Fort Worth has yielded an average profit per unit of $73,000 to LP investors, nearly 50% over proforma.
FORT WORTH OVERVIEW
The Top Place to Start a Business in Texas
Fort Worth is home to 21 Fortune 500 companies, making it one of the most popular places in the country to start, operate, or relocate a business. WalletHub and Forbes both named Fort Worth the top place to start a business in the country. Companies like AT&T, Caterpillar, American Airlines, DR Horton, Southwest Airlines, and dozens more have a presence in Fort Worth. Recent expansions in AllianceTexas include the new Charles Schwab woldwide HQ and the $200MM, 500,000 sq. ft. data center expansion by QTS Data.
Fort Worth benefits from a highly skilled and vocational workforce, thanks to its strong educational foundation. Coupled with a high quality of life, a thriving cultural scene, and a collaborative business community, Fort Worth provides the ideal environment for entrepreneurs and companies alike to operate, expand, and succeed.
Local Area Map
LIVANO ELIZABETH CREEK
TEXAS MOTOR SPEEDWAY
FAIRWAY RANCH
HOME VALUES: $600K - $1MM+
ALLIANCE: DELOITTE, FIDELITY, CHARLES SCHWAB, TD, ETC
>20,000 EMPLOYEES
HOME VALUES:
-
TROPHY CLUB & VAQUERO
$800K
$10MM+
North Fort Worth Submarket
The North Fort Worth submarket is the most dominant, well-performing submarket in Fort Worth. According to CoStar, the submarket outpaces inferior, neighboring submarkets like Denton, Downtown Fort Worth, and Southwest Fort Worth in metrics like average rent per sq. ft., future net rent growth, vacancy, and rent change YoY. On par with affluent and desirable neighboring submarkets like Flower Mound and Grapevine, North Fort Worth's future fundamentals are the best in the area.
• This submarket's future rent growth YoY is comparable to Flower Mound and outpaces Grapevine, the Chisholm Trail, Downtown Fort Worth, and the entire DFW market.
• The North Fort Worth submarket's occupancies are anticipated to stabilize in Q1 2025, an entire year earlier than Flower Mound.
• North Fort Worth is expected to deliver less units than Grapevine and Downtown Fort Worth over the next two years, presenting opportunity for development in a less saturated submarket.
• Average rents per sq. ft. in North Fort Worth are comparable to both Flower Mound and Grapevine. Rents are also 16% higher than the Chisholm Trail submarket and 10% higher than Denton.
These strong fundamentals showcase North Fort Worth's promising future growth and resiliency.
Impressive CRE Market Across All Sectors
12mo Deliveries
12mo Absorption
Vacancy Rate
Rent Growth
SOURCE: COSTAR
Denton County Populous Has Doubled Since 2010
CENSUS DATA
Market Fundamentals
The collective Dallas-Fort Worth MSA fundamentals continue to outpace the country in several measures. Compared to other major metros in Texas and across the Sun Belt, Dallas-Fort Worth stands out as the national leader in population growth, ranks second only to New York City in jobs added, and leads the country in units absorbed in 2024. Denton country specifically has set the mark in population growth in Dallas-Fort Worth, which has expanded by 50% in the last decade. Dallas-Fort Worth has reached peak supply with declining construction starts and easing deliveries. 41,000 units were added in the last year, about 4.3% of inventory. This share is below other Sun Belt markets like Austin, Atlanta, and Nashville, where deliveries translate to 5%-9% of inventory, with more on the way in 2025.
Dampened by supply-heavy submarkets, rent growth has temporarily dipped below the national average. However, relative to these other metros, Dallas-Fort Worth has outperformed. A sharp return to positive rent growth throughout 2025 is imminent, laying the foundation for vacancy to retighten and rents to rebound through the second half of 2025 and into 2026 as units delivered are projected to fall to a 10-year low in 2025. Rent growth will return positive in Q2 2025, will eclipse 3% in early 2026, and will push 4% around completion of Livano Elizabeth Creek.
Top Employers in Fort Worth
STRONG AND DIVERSIFIED
The pluralistic nature of Fort Worth's economy is a significant draw for investment, both institutionally and locally. Headlind by AllianceTexas, Fort Worth is thriving in industries like aerospace, manufacturing, energy, healthcare, and logistics. The city also offers a strong transportation infrastructure, including access to Dallas-Fort Worth Airport, the third largest airport in the world, enhancing connectivity and business opportunity internationally.
A LLIANCE T EXAS
AllianceTexas, anchored by the world's first dedicated industrial airport, is a 27,000 acre master plan boasting 58MM sq. ft. of developed commercial real estate assets. Perot Field enters its 36th year as the regional hub for Amazon and FedEx, and the only non-passenger airport ranked in the Top 20 of US cargo airports, with over 3 billion pounds of cargo passing through. Alliance is home to several corporate headquarters, healthcare providors, higher education centers, shopping and entertainment destinations, and vibrant residential communities.
Widely considered one of the country's most successful public-private partnership endeavors, total investment at AllianceTexas surpassed $15.2B in 2023, with a staggering 93% coming from the private sector.
LARGEST EMPLOYERS
• AllianceTexas: 66,000 employees
• American Airlines: 35,000 employees
• Texas Health: 28,000 employees
• Lockheed Martin: 18,700 employees
• NAS Fort Worth Joint Reserve Base: 11,000 employees
• Fort Worth ISD: 10,700 employees
• JPS Health: 7,200 employees
• Fidelity Investments: 6,000 employees
Champions Circle
CONVENIENCE
Livano Elizabeth Creek is conveniently located off of the two busiest roads in Fort Worth: I-35 & Highway 114. Quick access to DFW Airport, Fort Worth, suburban Dallas, and Denton CBD's gives residents a plethora of commuting options. Within a five-mile radius, household incomes are averaging over $130K, well above the DFW average. Additionally, neighborhoods within a three-mile radius of Livano Elizabeth Creek, such as Beechwood Creek, Fairway Ranch, and Chadwick Farms, feature home values ranging from the $500k's to over $1 million. Meanwhile, luxury communities nearby like Trophy Club and Vaquero Club boast homes valued at 10 to 20 times more.
Located within Champions Circle is the third Bucc-ee's in America, Big Shots Golf, Tanger Outlets, The Golf Club at Champions Circle, and plenty of fastcasual restaurants, all within walking distance of the project. In addition, another local attraction and economic driver directly across the street is the Texas Motor Speedway, home to several Nascar Cup Series events annually, and various Indy-car races.
HOME
Livano Elizabeth Creek embodies the live, work, shop, play, and dine experience with shops like Nike, Michael Kors, Lululemon, Restoration Hardware, and dozens of others located within the Tanger Outlets. High quality grocers like Sprouts, Tom Thumb, and Kroger are all within a 10-minute drive. Highly rated Northwest High School is only a short 5-minute drive. Fast-casual restaurants like Chipotle, Newk's, Chick-Fil-A, Starbucks, and In-N-Out Burger are all located less than a half mile away.
106,000 Vehicles Per Day
CHAMPIONS CIRCLE AT HIGHWAY 114 & I-35
Top 3 School District in Fort Worth
Northwest Village 455 Multifamily Units
TBD 2026
Village at Golden Triangle 317 Build-for-Rent Units
September 2025
Inspire Bonds Ranch 203 Build-for-Rent Units
July 2025
Strong Supply Story & Increasing Demand
A total of 23,000 units currently serve the North Fort Worth submarket, 12,000 of which have been delivered within the decade. Unlike submarkets flooded with oncoming supply like Denton (3,348 units under construction) and The Chisholm Trail (2,128 units under construction), mostly from Class B, non-competing properties, North Fort Worth only has 861 units under construction, all of which are expected to be absorbed prior to Livano Elizabeth Creek's pre-leasing efforts.
Within a 5-mile radius of the project, the only competing development is Woodfield's 455-unit Northwest Village. However, it is located 3.5 miles away in the opposite direction along Highway 114 and is slated for completion in 2026. Within 12 miles of the site, two additional projects are currently under construction, consisting of 520 build-for-rent units. These projects round out deliveries in this market ahead of the trough beginning in 2026, which Livano Elizabeth Creek is uniquely positioned to take advantage of.
Livano Elizabeth Creek's superior location provides better access to high paying jobs in Alliance, retail and entertainment districts, and restaurants throughout Champions Circle both for build-for-rent and conventional multifamily renters. Nearly 180,000 employees work within a 15-minute drive of the site, spanning both mid-major and major employment areas. The region also offers 20 million square feet of office space, 123 million square feet of industrial space, and 24 million square feet of retail space. With such a robust employment and commercial landscape, Livano Elizabeth Creek is strategically positioned to offer residents easy access to all that North Fort Worth has to offer.
Quick access to employment in four directions, and walkable to 100+ businesses, Livano Elizabeth Creek is advantageously positioned to catch all future resident traffic on 114 and I-35, two major travel corridors in Fort Worth.
COLLECTION CHAMPIONS CIRCLE
AVILLA RESERVE
COVEY HOMES LITSEY CREEK
JEFFERSON NORTHLAKE
THE PALO TOWNHOMES
THE PALO APARTMENTS
Market Rent Comparables
COMPARISON OF ONE BEDROOM UNITS (Apr 2025)
COMPARISON OF TWO BEDROOM UNITS (Apr 2025)
COMPARISON OF THREE BEDROOM UNITS (Apr 2025)
BFR: COMPARISON OF TWO BEDROOM UNITS (Apr 2025)
Multifamily Only Comparables
MF: COMPARISON OF ONE BEDROOM UNITS (Apr 2025)
MF: COMPARISON OF TWO BEDROOM UNITS (Apr
RENT COMPARABLES NARRATIVE
Multifamily:
Despite projecting a discount on Livano Elizabeth Creek's 1-bedroom units, the project will outperform Jefferson Northlake because of its limited balconies, inferior resident experience, and more difficult exit access for commuters to surrounding business and employment. Similarly, the Palo Apartments are a comparable product, but due to their severe lack of visibility, Livano Elizabeth Creek's rents are a slight premium to in-place rents. Palo management (RangeWater) expressed desire to be within Champions Circle.
Build-For-Rent:
Livano Elizabeth Creek will outperform Collection, Palo, and Litsey Creek because of better executed product and amenity offerings, superior and intentional design, resident experience, and specific market feedback. Conversations with property managers in the market conclude that garages and backyards are not reflected in any posted rents. In addition, multi-story cottages are less desirable in both the roommate and family scenarios. Livano Elizabeth Creek will solely offer single story layouts with large backyards which will both be included in the base rent. In addition, and unique compared to some comps, all units will have full access to the amenity offerings on site, which are more extensive and accessible than every other comp.
Market Sales Comparables
Livano Elizabeth Creek
Championship Pkwy & Outlet
Fort Worth, TX 76177
Windsor West Plano 2100 Legacy Dr Plano, TX 75023
Covey Homes Litsey Creek 15101 Litsey Creek Dr Roanoke, TX 76262
• Livano Elizabeth Creek has an attractive development basis for this type of project at $259k/unit and $244/sq. ft., well below recent trades of inferior products. The trend of cap rate compression also bodes well for the project. Of 26 trades in the last 12 months that LIV deems comparable, 15 of them traded at cap rates below 5%. Sixty-seven percent of trades in the last six months also surpassed this mark. 5 4
SALES COMPARABLES NARRATIVE
• Livano Elizabeth Creek's exit price of $320K/unit is on par both with current executed trades in the Dallas-Fort Worth market. Notable sales and under contract transactions that support Livano Elizabeth Creek's $302/sq. ft. and $320k/unit exit price include the record-breaking sale of The George in August 2024, however it was quickly surpassed by Covey Homes Litsey Creek, adjacent to Livano Elizabeth Creek, which traded for $140MM, or $354k/unit. Legacy Plano, a similar product and development with co-mingling build-for-rent and conventional multifamily units, sold for $134.3MM, or $370k/unit, and standalone multifamily products Trailwinds Grapevine and Bexley Clearfork each traded for $91MM and $113MM, respectively, or $281k/unit and $276k/unit.
COVEY HOMES LITSEY CREEK
TRAILWINDS GRAPEVINE
BEXLEY CLEARFORK
ELIZABETH CREEK
PROJECT VISION
The spirit of Old Texas is alive in Fort Worth. Whether you call it Cowtown or the City where the West Begins, Fort Worth is a place where cowboy culture goes handin-hand with modern city living.
At Livano Elizabeth Creek we celebrate how these influences layer into something unique and beautiful, in both community and design. Rugged textures and crafted details pay homage to the past, while clean lines and curated collections keep us grounded in the current. Playful patterns and tactile materials add energy to a warm, neutral palette.
Unique amenities and shared spaces draw your attention inward, to community. Meet a friend for a game of pickleball or share a meal beneath the stars — comfortable, flexible spaces encourage connection and the kind of pride of place that no one does better than Texas.
Welcome to Livano Elizabeth Creek.
MODERN RANCH
Siding and stone accents, weathered details, warm wood, pattern
LIVANO ELIZABETH CREEK DESIGN TEAM
Livano Elizabeth Creek is designed for relaxed, luxury living.
ARCHITECTURE
Inspired by a modern ranch, the buildings should simplify their form and material palette and introduce rustic but sophisticated details.
INTERIORS
While the palette is fairly neutral, dimensional textures create contrast and interest. The design should feel bright, lived-in, and have a balance of rustic elements and elegance.
LANDSCAPE
Rough textures, warm woods, and patterns in earthy tones make for a comfortable, flexible, and vibrant space for neighbors to relax and converse.
Unique Livano Amenities
PET CENTER WORKPLACE
Our Livano Pet Centers are premier facilities providing pets with grooming, boarding, day care, and veterinary services. We offer a clean, comfortable, and fun environment for dogs and cats, while keeping them close to home.
Livano Workplace offers rentable private offices and conference rooms, allowing residents access to modern coworking space without the commute.
From complimentary hand-crafted coffee and espresso drinks to cocktails and local brews, these mobile carts and coffee shops invite neighbors to converge around a shared passion.
MARKETPLACE
TRAPEZE COFFEE
Livano Elizabeth Creek Amenities
CLUBHOUSE
• Comfortable lounge areas
• Entertainment kitchen
• Game room
• 24-hour fitness center
• Indoor/Outdoor yoga room
TECHNOLOGY/SERVICES
• Valet waste & recycling
• Controlled access entry
• Wi-Fi access in common area
EXTERIOR
• Resort-style pool with sun deck
• Cabanas and lounge seating
• Outdoor dining areas
• Multiple grilling stations
• Game lawn
• Fire pits
• Pickle Ball
PARKING
• Surface parking
• Electric car charging
• Carports
Unit Design
LIV Creative Group is dedicated to advancing LIV’s mission of crafting iconic, lifechanging, and life-enhancing environments by focusing on intentional unit design and thoughtful finish selections. Meticulously curated design choices provide both functionality and aesthetic appeal. Our commitment to purposeful design fosters a deeper connection between individuals and their environments, transforming ordinary spaces into extraordinary experiences.
• Quartz counter tops with undermount sinks
• Stainless steel appliances and glass top range
• Designer lighting and plumbing features
• Private balconies and patios
• Tile and granite bathroom details
• Full-size washers and dryers
• Generous walk-in closets
• Luxury vinyl plank flooring
• Two-inch blinds
The Livano Difference
Livano is a collection of dynamic multifamily communities strategically and thoughtfully developed to help residents live richer, deeper, and fuller lives. Grounded in the belief that every detail matters, Livano offers a unique, resident-centric lifestyle encompassing intentional design, meaningful connection, and genuine care.
Intentional Design
Livano’s architecture, interiors, and landscapes are thoughtfully developed with residents — and the lives they live — in mind.
Meaningful Connection
Livano communities are rooted in a passion for fostering meaningful connections.
Genuine Care
We exceed expectations for service and have a positive impact on the lives of our residents .
PURPOSE
To provide high-quality housing that enriches the lives of residents.
VISION
To elevate the apartment living experience through resident-centric design and programming.
MISSION
To offer a lifestyle that embodies intentional design, fosters meaningful connection, and prioritizes genuine care.
BRAND COVENANT
Live Better.
Preliminary Site Plan
17.3 acres
337 units
Freestanding clubhouse
4 story multifamily
3 story multifamily
2 and 3 bedroom cottages
LIVANO ELIZABETH CREEK
Development Budget
Proforma Overview
Net
Operating Income
Underwriting Notes
General Income Assumptions
MARKET RENT
Market Rents are projected to be $714,275 per month or $2,120 per unit.
CONCESSIONS
There are no concessions underwritten in the proforma.
Other Income Assumptions
PET CENTER
As part of the Livano suite of amenities, this property will include a full-service pet center that provides on-site boarding, day care, grooming and veterinary services. Annual income from the pet center is conservatively projected to be $20,040.
MARKETPLACE
This is an on-site marketplace similar to a hotel sundries store available to residents 24/7.
BULK INTERNET PROGRAM
ECONOMIC VACANCY
Economic Vacancy is projected to be 7.3% which is inclusive of physical vacancy, loss-tolease and credit loss.
ANNUAL RENT GROWTH
Annual Rent Growth is projected to be 2.5% starting in Year 1 in the proforma, lower than CoStar and other third party projections.
LIV WORK – RENTABLE OFFICES
The clubhouse will include 8 rentable offices at a monthly rental rate of $225.
PACKAGE ROOM
Residents are charged $3.50 per month for the on-site package room.
GARAGES
Residents are automatically enrolled in the property’s bulk internet program. The property has a cost of $35/unit per month. Residents are charged $75 per month. The property will not include tuck-under or detached garages.
PREFERRED PARKING SPACES
The property will include 25 preferred parking spaces which will be available for $50 per month.
CARPORTS
The property will include 120 covered parking spaces rented at $75 per month.
Other Income Assumptions (cont.)
COFFEE SHOP
Each resident will pay $55 per month to access the full-service coffee shop in the clubhouse. There is not an option for residents to opt out of this service.
MISC. OTHER INCOME
Projected Misc. Income is based on historical averages at other Livano properties. Misc. income includes application fees, administrative fees, forfeited deposits, termination fees, pet deposits (non-refundable), monthly pet fee, late charges, month-to-month fees, and other misc. fees.
Expense Assumptions
ANNUAL EXPENSE GROWTH
Annual Expense Growth is projected to be 2.5%
PAYROLL EXPENSE
Manager
Leasing Agent (2x)
Maintenance Supervisor
Maintenance Tech (2x)
Pet Center Manager
Pet Center Attendant
Barista
Employee Benefits (20%)
TOTAL PAYROLL
TOTAL PAYROLL PER UNIT
$100,000
$110,000
$80,000
$110,000
$30,000
STORAGE UNITS
The property includes 30 small storage units that are available throughout the residential buildings. The cost of a storage unit is $50 per month.
UTILITY REIMBURSEMENT
Utility Reimbursement is projected to be 90% of utility expense. The property receives income from submetered water, as well as income from monthly resident charges for valet waste, trash disposal and pest control
MANAGEMENT FEE
LIV Development utilizes Gallery Residential for property management services. Gallery charges 2.5% of net revenue.
REAL ESTATE TAXES
Our tax assumption is based on the current millage rate for Fort Worth/Denton County (19.52) and typical assessment ratios for this municipality (90%). We have discussed our calculations with Graham Tax who confirmed these assumptions.
INSURANCE
The insurance number of $600 per unit is based on current market pricing for similar assets in the area. LIV developed Livano Canyon Falls and is using that property for historical data to support this assumption.
Income and Expense Assumptions are based on historic trends at LIV properties, market comparables and budget assistance from Gallery Residential.
18+ YEARS IN BUSINESS
$ 3.4 B COMBINED PORTFOLIO
50+ TEAM MEMBERS 17 K M ULTIFAMILY UNITS DEVELOPED
44 PROJECTS COMPLETED 14 th L ARGEST DEVELOPER IN THE U.S. (NMHC 2022)
39 PROJECTS SOLD $450 – $800MM C URRENTLY EXECUTING PER YEAR IN GROUND-UP DEVELOPMENTS
LIV DEVELOPMENT
S ince 2006, LIV Development has created more than 50 vibrant Class-A multifamily communities that are united by our core belief: when there is an investment in the betterment of people, the returns are always higher. The investments we generate make life better.
This is the LIV Development difference.
Proven Results
Our performance is proven, and our momentum is always moving upward. Throughout our history, we have consistently exceeded investor expectations and outperformed our peers. On average, actual equity multiples have been 16% higher and average net IRR has been 68% higher than projected in the closing model. High levels of execution allow us to return investors’ capital and recycle their funds more quickly than others. LIV Development investors have received their capital back with returns higher than projected on 100% of our multifamily developments. Our demonstrated success is directly connected to our unwavering commitment to excellence and strategic resident-first approach. This is the higher return on life.
2.16 × AVG. LP EQUITY MULTIPLE $1.25B RETURNED TO INVESTORS
44%
AVG. NET LP IRR
$35,100 P ER UNIT AVG. SALES PRICE ABOVE PRO FORMA
31 months
AVG. HOLD PERIOD
$201 or $0.20 psf PER MONTH AVG. EXCEEDED PRO FORMA RENT
The LIV Advantage
At LIV Development, we believe that every detail matters. From meticulous site selection and innovative design to diligent hands-on construction and operations management, each phase of development is distinctively performed with the resident in mind. Every element of our communities is intentionally curated to help people live richer, deeper, and fuller lives. This consistency across developments creates a sense of community and brand loyalty that ultimately yields an elevated experience for residents, additional value for buyers, and higher returns for investors.
Distinct Process
Hands-On Management
Intentional
Design
Meaningful Connection
DISTINCT PROCESS
LIV Development’s thorough site selection process yields an industry-leading close rate. We employ regional teams who identify strong submarkets and utilize market-leading data and proprietary modeling to inform underwriting. They create opportunities by communicating directly with sellers and local brokers, with the intent of identifying primarily off-market sites with extraordinary potential.
INTENTIONAL DESIGN
Architecture, landscapes, and interiors all work in harmony to produce environments where beauty lives and residents thrive. Our multidisciplinary design firm, LIV Creative Group, works with our partners to carefully curate and intentionally design each Livano community to reflect the unique character of the local environment. From concept to completion, they create a sense of place that lives beyond the walls of a room.
HANDS-ON MANAGEMENT
Diligent and heavy-handed construction and operations management ensures adherence to our high standards of quality and excellence. Decadeslong partnerships with industry-leading general firms provide consistency across projects, while regular training on the “LIV Way” reinforces our distinct processes and standards.
MEANINGFUL CONNECTION
Every Livano community is built to help residents connect, grow, and thrive. The Goodfield Foundation, our nonprofit 501c3 organization, further propels our mission to “invest well and do good” by providing dynamic programming at Livano properties that promotes connection and personal growth among residents and staff.
LIV Projects & Properties
PROJECTS & PROPERTIES
REGIONAL OFFICES
LIV HEADQUARTERS Cincinnati, OH Tampa, FL Birmingham, AL
