PHEASANT RIDGE. heart. In the. Offering Memorandum multi-family development opportunity S. PHEASANT RIDGE ST, WATFORD CITY, ND 58854

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1 Offering Memorandum multi-family development opportunity PHEASANT RIDGE 10 LUXURY TOWNHOMES AND ADDITIONAL ENTITLED LAND S. PHEASANT RIDGE ST, WATFORD CITY, ND In the heart of the Bakken STEVE MICHEL - PRESIDENT, BROKER Michel Commercial Real Estate International, Inc. Phone: smichel@michelcommercialre.com *Conceptual Rendering of 50 additional townhomes MATT OLSON - ASSOC. BROKER, CCIM, SIOR Property Resources Group Phone: matt@prgcommercial.com

2 TABLE OF CONTENTS OFFERING PROCESS...3 PROPERTY DETAILS Area Description...4 Property Details...5 Area Map... 6 Aerial...7 PROPERTY PHOTOGRAPHS Property Photographs PLANS Site Plan...10 Floor Plans DISCLAIMER PROPERTY RESOURCES GROUP P. 2

3 OFFERING PROCESS All offers must consist of a Letter of Intent and include the debt/equity structure and source of funds. Seller reserves the right to remove the property from the market at any time. Seller expressly reserves the right, in its sole and absolute discretion, to reject any and all proposals or expressions of interest in the Property, to terminate discussions with any party at any time, or to extend the deadlines previously set forth. Upon receipt of an acceptable Letter of Intent, the successful Offeror will be supplied a Purchase Agreement. All communications, inquiries and requests should be addressed to Michel Commercial Real Estate International, Inc. or Property Resources Group, as the exclusive representatives of the Seller. The management of the Property should not be contacted directly. To schedule a tour or for property inquiries, please contact one of the representatives below: Matt Olson Steve Michel Neither the Seller nor Michel Commercial Real Estate International, Inc. or Property Resources Group make any representations or warranties, expressed or implied, as to the accuracy or completeness of the information contained in the marketing materials or their contents and all Purchasers are advised to independently verify any information they deem important. Purchasers should not rely upon the information provided by or through Seller without independent verification. The marketing materials do not purport to contain all of the information that a Purchaser may desire and Purchasers are urged to conduct their own investigation and analysis. PROPERTY RESOURCES GROUP P. 3

4 AREA DESCRIPTION THE BAKKEN The Bakken Formation lies under portions of western North Dakota, eastern Montana and southern Canada and its drilling history can be traced back to the mid-1950 s. Due primarily to enhanced drilling and recovery strategies developed over the past 10 years, estimates of the Bakken s recoverable oil and gas reserves are growing exponentially, far surpassing even the most aggressive early assessments. North Dakota jumped from the nation s 9th leading producer of oil in 2006 to number two today, behind just Texas. Experts predict it will take decades to fully exploit this world class formation as the industry moves from the discovery phase into full production. WATFORD CITY While it is important to note that Watford City is the County Seat of McKenzie County, Watford City is probably best-known as the Heart of the Bakken oil boom. Interestingly, McKenzie county was the site of two previous oil booms, one in the 1950s and one in the 1980s, but due to substandard equipment, neither was as profitable as the current oil boom. Starting in 2013 McKenzie County became the leader in oil production for North Dakota. Watford City has seen many changes since 2010 and many more are underway. Fox Hills Golf Course is a very nice and scenic 9 hole golf course, with restaurant, that is presently expanding to be an 18 hole golf course. Across the street from the golf course is the new $92 million event center which is connected to the new $50 million high school. Watford City is filled with family-friendly activities and establishments. The area surrounding Watford City includes a number of hiking, biking and running trails. These trails crisscross the undeveloped areas of North Dakota, following interesting rock formations and overlooking rolling plains. Hikers will marvel over the interesting plant life and wide variety of animals that can be found along these trails. PROPERTY RESOURCES GROUP P. 4

5 PROPERTY DETAILS PHEASANT RIDGE Pheasant Ridge is an excellent townhome project in Watford City, North Dakota, directly in the Heart of the Bakken. Pheasant Ridge contains two buildings with 5 units in each building. All of the units are three stories with 3 bedrooms and 3 bathrooms in each. All units have tuck-under garages for convenience in the North Dakota winters. Land is entitled and approved to build 50 additional townhome units, as shown in the conceptual rendering on the first page. ABOUT THE PROPERTY Property Addresses: S. Pheasant Ridge St, Watford City, ND Zoning: Units: Entitled Land: Rent: Utilities: Price: High Density Multi-Family (10) 3 bedroom, 3 bathroom Available entitled land approved, for an additional 50 townhome units $1,195/month per unit Seperately metered Market *SEE BROKER FOR COMPLETE FINANCIAL PACKAGE PROPERTY RESOURCES GROUP P. 5

6 AREA MAP Source: Minneapolis Federal Reserve Bank PROPERTY RESOURCES GROUP P. 6

7 AERIAL WATFORD CITY PROPERTY RESOURCES GROUP P. 7

8 PROPERTY PHOTOGRAPHS PROPERTY RESOURCES GROUP P. 8

9 PROPERTY PHOTOGRAPHS PROPERTY RESOURCES GROUP P. 9

10 SITE PLAN PROPERTY RESOURCES GROUP P. 10

11 FIRST FLOOR PLAN PROPERTY RESOURCES GROUP P. 11

12 SECOND FLOOR PLAN PROPERTY RESOURCES GROUP P. 12

13 THIRD FLOOR PLAN PROPERTY RESOURCES GROUP P. 13

14 DISCLAIMER *All information contained herein is believed to be true but should be verified to the buyer s satisfaction in case of error, typographical or otherwise. All information is subject to change without further notice. PROPERTY RESOURCES GROUP P. 14