Acquisition:

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In June 2003, the principals of ARTES purchased a parcel of raw land on the private Pete Dye Challenge Course in Mission Hills Country club with entitlements in place for forty-four production homes.

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Purchased eight additional acres and ten private golf memberships for $300k.  

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Secured agreements for golf course modifications and lake installation, and conducted the civil engineering for the entry, streets, water and sewer.

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Entitlements:

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Obtained entitlements on a sixteen-acre subject property plus and an eight-acre parcel in October 2003 (four months).

Improvements:

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• Two new lakes on hole seven and hole nine

• Thirty one waterfront estate lots angled towards the views

• Wrote CC&Rs and design guidelines

• Entry feature, gate, streets, sewer, and utilities, grading of lots to blue top.

• Made the community a gated community within a gated community

• Price point: $400k to $800k per l for ½ to 1+ acres

• Average lot size, 0.65 acres

 

KEY RESULTS:

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The 10+ year senior planner Carl Bishop at the city
of Rancho Mirage stated:

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“Westgate was the best thought out, high-end
development because of the design guidelines."

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Positioned and branded the Westgate Development as
one of the premier residential communities in the desert with anticipated home sale prices on par with the ultra-high end homes in the desert

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65% IRR with Institutional partner ING Realty, Inc.