740 Arbor Lake Dr - Arbor Lake Townhomes of Crestview

DESCRIPTION: Arbor Lake Townhomes in Crestview, FL, is a 12.84-acre Multi-Family is being offered For Sale in Two Phases. Crestview, FL is one of the fastest-growing Cities in Florida and is located one block from Northwood Elementary and Richbourg Middle School and central to Crestview High School, Downtown Crestview, and the recently built retail district known as Crestview Commons, featuring a variety and nationally recognized Big Box Retailers, and many other national hospitality and food and beverage service providers. SALES PACKAGE INCLUDES: PHASE I includes thirty-six (36) publicly recorded pad sites on 3.31 acres of 'improved' property, including all horizontal improvements: underground infrastructure, road, curbing, street lighting, HOA pool & pool house, and entrance sign completed in 2012. Each recorded pad site comes shovel-ready to receive vertical improvements for thirty-six 1,250 square foot, two-bedroom, two-and-a-half bathroom townhome units. PHASE II offers 91 (formerly entitled) units of townhome density with single-car garages planned on 9.53 majestic acres, offering panoramic views of Arbor Lake from a multi-tiered topography reminiscent of the hill country of North Georgia. Phase II of Arbor Lake comes with engineered drawings and the lift station for both phases of development under City management, a pristine, filtered lake, and 50% of underground and horizontal improvements. SELLER FINANCING FOR PHASE II: Seller financing terms for Phase II are conditioned on the buyer purchasing thirty-six (36) fully entitled, publicly recorded unit plats (pad sites) for 50% of the agreed purchase price for the remaining 127 units of planned density as conveyed in the Sales Package. Seller agrees to carry a note for 91 townhome units of formerly approved and planned density at a negotiable interest rate on a 20-year amortization schedule and an 18 to 24-month balloon payment on the balance due.