Indiana Dunes Club — Solo Investor Pro Forma

Your assumptions

Flex the deal

Sources & uses

Land acquisition$6.0M

42.75-acre assemblage — the entire waterfront parcel.

Entitlements + soft costs$2.0M

Master plan, approvals, legal, engineering.

Horizontal infrastructure$4.0M

Roads, water, sewer, storm, utilities, grading.

Amenities$2.0M

Clubhouse, pool, pickleball, lake/beach improvements, common areas.

Sellout program

Total lots71

Fee-simple homesites, sold to retail + OZ buyers.

Y1 net lot price$300K

Net to investor after $40K/lot BWW Partners seller carry.

Annual price escalator6.0%

Deck base case: 6.0%/yr on lot pricing.

Absorption14 lots/yr

Deck base: Y2-Y6 sellout (~14/yr avg).

Sellout start yearY2

Y1 = infrastructure buildout. First closings default Y2.

HOA amenity income

HOA fee$100/mo/lot

Retained by investor. Recurring perpetuity.

HOA escalator3.0%/yr

Ongoing, no cap.

Debt overlay (optional)

Non-recourse debt

Off = 100% equity. On = enhance cash-on-cash with ~50% LTV.

Return metrics

Discount rate (NPV)12%

Rob's target for solo investor: ~12%. Deck target: ~12% unlevered IRR.

Capitalize HOA perpetuity at exit

Terminal value = Gordon growth (HOA / discount − escalator).

Unlevered IRR

—

7-year hold, base case

Equity MOIC

—

Total distributions ÷ equity

NPV @ discount

—

Discounted to Y0

Equity invested

—

Y0 capital call

Cash-on-cash (avg)

—

During operating years

Payback

—

Cumulative turns positive

Year-by-year cash flow

Net-to-investor. Every slider recomputes the schedule live.

Sensitivity — Unlevered IRR

Absorption pace × Y1 net lot price. Your current base case is outlined in gold.

≥ 18% 13–18% 10–13% 5–10% < 5%

The structure

How the solo investor gets paid.

Three revenue streams, one horizontal-only capital call, land-and-infrastructure exit.

Lot sales — the primary return

71 fee-simple lots sold to retail buyers, self-directed IRAs, and OZ investors. $300K net Y1 per lot, escalating 6%/yr. Investor books ~$25.5M gross proceeds over Y2–Y6 at base case. Each lot triggers on its own — no bulk-buyer risk, no single institutional exit.

HOA amenity income — the perpetuity

$100/mo/lot HOA licensing fee, 3% escalator, no cap. Retained by investor through hold and beyond. At year 10, that's ~$95K/yr recurring — capitalized as a bulk sale or refi of the lake + common areas, worth ~$3M+ as terminal value.

Debt overlay — optional cash-on-cash enhancement

~50% LTV non-recourse loan against the $13M basis (construction or post-completion refi). Reduces equity call from $13M to ~$6.5M and lifts cash-on-cash 2× at cost of ~$550K/yr interest. Fully optional — model both scenarios with the toggle.

Assumptions & footnotes

Sources & uses. $13M all-in base case = $6M land + $2M entitlements/soft costs + $5M horizontal infrastructure. Land acquired at closing (Y0); entitlements + horizontal deployed through Y1. Sellout begins Y2.
Net lot pricing. $300K/lot base is net to the investor. Gross retail is $340K/lot; $40K per lot flows to BWW Partners LLC (seller carry) — not modeled here as investor revenue.
Wanderluxe NNN master lease is separate. Each home buyer opts into a 10-year triple-net master lease with The Wanderluxe Collection at closing. Wanderluxe operates the home under its All-Seasons Resort Club program and remits rent to the individual homeowner — not the solo investor. This model isolates the land/infra economics.
HOA amenity income. $100/mo/lot base, 3% annual escalator, no cap. Retained by the investor entity as licensor of the lake, dune trails, and common areas. Income begins as each lot delivers (using prior-year cumulative lots) so early years reflect partial absorption.
Terminal value method. If enabled, the HOA perpetuity is valued at end of hold using the Gordon growth model: next-year HOA cash / (discount − escalator). This represents a hypothetical bulk sale or refinance of the retained natural-water lake, common areas, and HOA licensing stream. Requires discount rate > HOA escalator.
Debt overlay. Non-recourse construction loan or post-completion refi at 50% LTV against total $13M basis. Interest-only through hold, principal repaid on final lot sale year. Equity call reduces proportionally.
Sensitivity heatmap. Recomputes unlevered IRR across absorption pace (rows) × Y1 net lot price (columns), holding all other inputs at current slider values.
Preparer. David Gamperl · Equity and Development Partner. [email protected] · 312-933-0050. Offering legal documentation prepared with Cozen O'Connor; OZ tax and accounting structure developed with Baker Tilly.

Illustrative only. Full underwriting, land survey, environmental, entitlement, and permit contingencies apply. Not an offer to sell securities. Requires independent legal, tax, and sponsor documentation before any investment decision. Past performance of adjacent Beachwalk / Whisper Dunes comparables does not guarantee Indiana Dunes Club outcomes.

Indiana Dunes Club Pro Forma