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The Holiday Lifestyle Fund 1, L.L.C., is real estate investment business, formed as a Florida limited liability company on November 5, 2020, with the purpose of raising Investor funds to purchase and develop lucrative real estate opportunities with competitive returns on investments made with the Company in the Gulf Coast region of the United States. The Company has commenced limited operations, focused on initial organizational matters in connection with this Offering. The Company aims to generate revenues from rental properties and increasing the property values making targeted improvements and property management. Those target properties are primarily residential, commercial, and multifamily acquisitions. The Company will also consider acquiring industrial, storage, and warehouse rental properties if determined to be advantageous by the Manager. The Company is not aware of any circumstances requiring change to its business activities or management.
The Company will raise a minimum of $1,000,000.00 prior to using Proceeds from this Offering to acquire properties in the United States with a specific focus on markets in the states of Florida (initially) and Texas. The Company expects to use the Net Proceeds from this Offering to pay for operating costs in connection with this Offering, including marketing costs, legal and accounting fees, as well as financing costs associated with acquiring properties.
The primary objectives of the Company include providing qualified individuals and business entities with optimal returns by investing in real estate opportunities in the Gulf Coast, first in Northwest Florida (within 20 miles of the beach), then Texas, and potentially across the contiguous United States. The Company will buy residential, commercial, and multifamily properties in growth areas for the lowest price with an efficient acquisitions process, thereby giving the Company an instant competitive advantage. Investors should be aware the above criteria may change if market conditions change.
Investment projects may be individual or multiple properties, with two to 500 units and ranging in price from $500,000.00 to $100,000,000.00.
The Company intends to invest in single-family and multifamily rental/investment properties profiles with an appraised value range of $200,000.00 to $10,000,000.00. The initial target market for the Company will be Northwest Florida, with all of the properties expected to be located within 20 miles of the beach. Secondary target markets include Austin and South Texas. Potential properties will be an aggregate of resale and income producing, based on the maximum value that the property may derive.
The short-term rental profile for the single-family and multifamily rental/investments will target vacationing visitors, including those interested in weekend getaways, conventions, shows, etc. The net premiums for short-term rentals are approximately 35% more than those for long-term rental properties. However, some projects will be better positioned for long-term rentals. Loan-to-cost target ratios for these properties will generally range from 55% to 65%.
The Manager intends that the properties will be held for the duration of the Company until the property is refinanced or sold. The Company intends to operate for up to 10 years or more. However, nothing in the Operating Agreement will limit the duration of the Company, as it is up to the sole discretion of the Manager.
The Company intends to hold the properties and add improvements in order to increase their values prior to sales. The Company intends to use local third-party property management (yet to be determined) to address and remedy any issues related to the properties as directed by the Company. If necessary, the property manager(s) can coordinate repairs and/or upgrades as determined by the Company. The increased rental income for the improved properties should result in an increase in value so that the Company may sell or refinance the property for a profit at its proposed exit time of seven to 10 years, subject to change.
The Company’s projects may require extensive construction or rehabilitation to the properties. At a lower than market cost to the Company, its Affiliate construction company can complete the necessary repairs and improvements to the properties (see the “Affiliates” section below). The Company intends to offer a superior finished property to both renters and buyers alike. In doing so, the Company may either elect to quickly sell the property for profit or rent out the property for income if the Manager determines the cash flow of the property is advantageous. The Company intends to maximize the property’s cash flow until sale, refinance, or other disposition.
The Company is currently managed by seasoned business and sector professionals dedicated to the success of the Company and efficient execution of its planned operations.
Mr. Easter is the Chief Executive Officer of the Company and of the Manager. He is also a manager and partner at Laurcon Capital, LP (“Laurcon”) and has been since 1999. Mr. Easter was active in real estate construction and development in Austin, Texas, in the early 1990s. He has remained active in the real estate industry as a principal and has operated several successful small businesses centering on finance brokering, banking, and real estate development. He has broad experience in dealing with a variety of distressed debt transactions dating back to the late 1980s with the Resolution Trust Corporation (RTC).
Mr. Easter has more than 30 years of practical real estate investment expertise with over 220 personal acquisitions and $127 million in cumulative investments from 1989 to 2020. Additionally, he has seven years of banking mortgage broker experience as well as leading a real estate brokerage as the real estate broker of record. Mr. Easter was an active real estate broker in Texas from 1986-1996 with services that included asset management, servicing, real estate investments, and syndication investments.
Mr. Easter has completed ground-up development new construction in five Central Texas counties with multiple municipal jurisdictions under various projects since 1992, as well as investment properties, or “flips,” for both commercial and residential projects in both Texas and Florida since 1998.
Administration
Dr. Jamie Birdwell has a master’s degree in organizational management and leadership, and a doctorate in business administration, and has worked closely with the Officer Mr. Easter since 2012. A retired educator, Dr. Birdwell is a seasoned executive officer leading diverse teams across a variety of corporate settings. His business experience includes asset acquisitions, contract negotiations, procurement, as well as leading all administrative efforts for Mr. Easter’s endeavors.
Project Director
Mr. Steele Taylor is the principal for CST Construction, serving as the Contractor. He graduated from the Building Service Program at Auburn University, cum laude. Upon graduating, he began work with Manhattan Construction Company, one of the largest construction companies in the United States. In five years, he quickly rose from Project Engineer to Project Manager, effectively leading multi-million-dollar construction efforts such as the Ford Center at the Star and Dallas Cowboys headquarters. In his career, he has assisted in the development of more than $1 billion in construction projects.
CST provides new construction, real estate development, as well as general contractor services. The principal focus of CST’s operations is on new construction and commercial real estate development. The owner and founder of the Company, Mr. Steele Taylor, an experienced cib and plans to expand the business operations during the first five years of operation. CST Construction is licensed to operate in the State of Florida
Social and Online Marketing Campaign Director
Mr. Will Easter is a recent graduate of the University of Mississippi, with a Bachelor’s Degree in Marketing. While attending Ole Miss, he was an accomplished student athlete, playing football for the Ole Miss Rebels. His time at the University of Mississippi prepared him greatly for the world of business.
Mr. Will Easter has amassed a significant clientele since graduation through his efforts in online and social media marketing. Additionally, he owns and maintains a professional photography business. Mr. Easter will lead the social and online marketing campaigns for the Company. He is also responsible for website development and its maintenance for the Company, in addition to photographing the properties.
Minimum Investment: $10,000 (10 Units)
The Company is offering equity interests in the form of Class A Membership Interests. The following describes the material terms of the Class A Membership Interests, however for more detailed information, please see Exhibit 2.2, the Operating Agreement.
Distributable Cash. The Manager may distribute cash to Members, solely at its discretion, after withholding sufficient working capital and reserves. Distributions to Members, when made, will be allocated among them in proportion to their Percentage Interests (pro-rata ownership) in the Company as is further defined in the Operating Agreement. Distributions will be evaluated on a monthly basis, although the Manager anticipates that there may not be any cash distributions until approximately three to six months after investing activities have commenced at the discretion of the Manager. Distributions shall be prorated for each Member in accordance with the time they become a Member of the Company.
Distributable Cash, if any, derived from operations of the Company will be evaluated on a monthly basis, and disbursed as provided below until expended.
Cash Flow from Operations is Distributable Cash received by the Company as a result of the payments of rents, leases, fees, payments on principal owed to the Company, payments of interest owed to the Company, refinancing or disposition of one or more assets not considered a “Capital Transaction”, and the sale or other disposition of Company-owned debt to third parties, or any other activities Company may engage in producing revenues.
Capital Transaction shall mean the sale or disposition or refinance of substantially all of the Company assets in one or more transactions within a six-month period. For purposes of this definition, “substantially all” shall be mean sixty (60%) percent or more of the book value of all of the Company’s assets.
Distributable Cash, if any, from a Capital Transaction will be distributed as provided below until expended:
For the purposes of Cash Distribution calculations only, all Distributions from Capital Transactions will be treated as a return of capital until the Class A Members have received 100% of their initial Capital Contributions, after which any further returns will be a return on investment.
To be clear, a refinance or disposition of a single property or asset will not be considered a Capital Transaction unless such meets the definition provided in the Operating Agreement.
For a copy of our Preliminary Offering Circular or to express interest in the offering please complete the form below. You may also reach out to us using the contact information below.
Holiday Lifestyle Fund I, LLC - 169 Griffin Boulevard, Suite 106 - Panama City Beach, FL 34213 — jbadmin@holidaylifestylefund.com — (850) 235-2090