Offering Overview
Golfview Manor, LLC was established for the purchase, development, construction, and selling of a 34-unit residential luxury condominium building on a golf course in Flossmoor, IL. The principals leading the project are Randy Pertler, Managing Member of Golfview Manor, LLC, and Thomas Cachey, Owner of T. J. Cachey Builders, Inc II.
Randy Pertler and Thomas Cachey have over 60 years of combined experience as real estate investors and developers.
Problem
As reported on 60 Minutes, the US is experiencing a housing shortage of over 4 million homes and growing. Fewer homes were built in the 2010s than in any decade going back to the 1960s. In the economic crisis of 2008 and 2009, construction of new housing came to a grinding halt. It will take a significant increase in development over the next decade to meet the current and future demand.
The Flossmoor community is experiencing their share of the national housing shortage. As a result of the building slowdown starting in 2010 and due to a lack of vacant land available, the Village of Flossmoor has only issued 34 single family home building permits and there were not any apartment building permits issued. Increasing the demand for housing in the community is the Homewood-Flossmoor School District which is one of the highest rated school districts in Chicago’s southern suburbs.
Solution
Golfview Manor, LLC has under contract a 2-acre lot that borders Coyote Run Golf Course and Restaurant on two sides and is directly across the street from Homewood-Flossmoor High School. We are working with the current owners to annex and entitle the lot. There are eight private and public golf courses within five miles of the site making it an ideal location for active seniors and golf enthusiasts.
Golfview Manor, LLC will develop a 34-unit luxury apartment building on the 2-acre lot adjacent to the Coyote Run Golf Course and Restaurant. The luxury apartment building will feature spectacular views of the golf course and the high school campus, washer & dryers in every unit, a fitness room, a conference room, assigned parking on the first level, and clubhouse with a roof-top terrace with spectacular golf course views. The views from the units on the west and north side of the building will be unmatched by any residence in the area.
Achievement and traction
Over the past year, the development team has been meeting with the Village of Flossmoor’s Mayor, Building Department, Zoning and Building Committees, and Village Board. We have obtained the “Conceptual Plan” approval and approval for a density variance and height variance. The existing building code restricts the number of units on two acres to 28. However, the density variance allows Golfview Manor, LLC to build 34 units. The height approval allows the building to be 3 ½ stories high, enhancing the views of the golf course and surrounding area.
Market
Flossmoor has long been an attractive community to raise a family. However, once the children are grown and out of the house, many residents find themselves having to move out of Flossmoor because of a lack of luxury, maintenance free housing options in the community. Therefore, Flossmoor is in need of luxury apartments for their growing “Empty Nester” residents. Currently, there are not any high-end, luxury residential apartments in Flossmoor.
According to the latest US Census, the average household income in Flossmoor is approximately $130,000 per year and the median home price is $260,000. Homeowners occupy approximately 92% of the housing units in Flossmoor. Therefore, there are very limited options for rental units in Flossmoor.
Just 6 miles from Golfview Manor, the new Wind Creek Casino was recently completed, providing another entertainment option for residents.
Competition
Golfview Manor will be a one-of-a-kind residence in Flossmoor. There are not any high-end, luxury apartment buildings in the Flossmoor with golf course views. The building will be easily accessible to the elderly and handicapped with underground parking and an elevator to the units.
There are very few rental units of any type available in Flossmoor. Only 8% of the housing units in Flossmoor are rental units according to the latest US Census.
Business Model
The business model of Golfview Manor, LLC is very simple. We secure a property or land in a desirable location, determine its highest and best use, renovate or build to its best use, rent and/or the sell the property to produce the highest return, and split the profit we create.
The plan for this project is to build and lease 34 luxury residential apartment units. The plan is to hold the building for a minimum of 5 years and distribute the profit to the investors every 6 months. In addition to holding the property indefinitely, our plan is to have two exit strategies. One exit strategy is to refinance the property and buy out any investment that would like to exit the project. The second exit strategy is to sell the property for an additional profit and pay all investors their ordinal investment plus any additional profit realized from the sale.
If deemed beneficial to its investors, Golfview Manor, LLC may convert some or all of the units and sell them as condominiums.
Team
Randy Pertler has been a real estate investor for more than 25 years. He has completed a wide range of transactions, including fix & flips, rehabs, income properties, luxury short-term rentals, wholesaling, subject to acquisitions, and multi-unit buildings. Randy has used Equity Partnerships, Self-Directed Retirement Accounts, Private Money, Hard Money, and traditional lenders to fund his diverse real estate deals. He has also helped many people self-direct their retirement accounts allowing them to partner with him and profit from opportunities in real estate.
Randy has trained and mentored real estate investors on a variety of strategies. He has a YouTube Channel focused on Real Estate Investing. He is a licensed realtor and is building a national brokerage team.
Randy raised his family and still lives in Frankfort, IL, less than seven miles from the proposed condominium building site. Randy has been the Vice President of Sales for divisions of three national educational publishing companies. He began his professional journey as a high school teacher and coach.
As a third-generation builder, Tom Cachey was involved in the business from an early age. After college, he worked in the Title Insurance industry and as a Realtor. Tom has expanded the 90+ year old business from remodeling and custom home building to commercial.
T.J. Cachey Builders commercial projects include everything from small retail build outs to 60,000 sq. foot corporate headquarters and distribution centers. T.J. Cachey Builders designed and built the first office condominium building in Illinois in the 1970's.
Use of Funds
