Athleta is a 57-unit townhome project (10 x 3-level buildings) set on a 3 5-acre site in the growing city of Kuna The project is fully entitled, the construction financing is in place, and IMH began construction in December 2022. IMH is accepting additional investors into Athleta. Each $500,000 investment will earn a 9% priority return, paid quarterly over the life of the investment and an 8 3% share of IMH’s profit at the time of sale The investor’s projected multiple on investment capital (MOIC) is 1 5x with a 24% IRR
Athleta is a 57-unit townhome development project situated in the submarket, Kuna, roughly 25 minutes from downtown Boise and 30 minutes to the popular Lake Lowell. ▪ 10 three story buildings with 4-plex, 5-plex and 6-plex townhomes. ▪
Luxury interiors such as, vaulted ceilings and gourmet kitchens, including granite countertops, high-end appliances, raised panel cabinetry. ▪
2-car side-by-side garages in all townhomes (first floor) ▪
Unit mix & size: 57 Townhomes, all 3bedroom, 3-bathroom, 1,805sqft
Direct Construction $146.52 per SF $ 264,399 53.15% $ 15,070,762.00
House Fees $ 10,526 2.12% $ 600,000.00
Indirect Construction $4.86 per SF $ 8,772 1.76% $ 500,000.00
Warranty Cost $ 2,487 0.50% $ 141,778.80
Total House Costs $ 286,185 57.53% $ 16,312,540.80
Interest Cost $ 21,717 4.37% $ 1,237,848.01
Property Taxes $ 2,921 0.59% $ 166,489.20
Total House Financing $ 24,637 4.95% $ 1,404,337.21
Uniform Cap G and A $ 14,924 3.00% $ 850,672.80
Misc Cap $ 3,980 0.80% $ 226,846.08
Total Other Capitalized Costs $ 18,904 3.80% $ 1,077,518.88
Total Cost of Sales $ 431,244 86.69% $ 24,580,911.89
Gross Profit before Sales & Marketing $ 66,225 13.31% $ 3,774,848.11
Model Operations and Advertising $ 4,975 1.00% $ 283,557.60
Direct Selling Expense $ 24,873 5.00% $ 1,417,788.00
Total Sales and Marketing Expense $ 29,848 6.00% $ 1,701,345.60
Gross Profit after Sales & Marketing $ 36,377 7.31% $ 2,073,502.51
Profit Before Interest on Equity $ 36,377 7.31% $ 2,073,502.51
Profit $ 36,377 7.31% $ 2,073,502.51
