Completed Projects

Kathy Fettke has been a syndicator since 2010. She started when a 30 year veteran developer came to her with an opportunity to acquire 27 nearly-built townhomes in Portland that had gone back to the bank (details below).

Since then she has co-invested in land development, land entitlement, lending and rental funds.

There have been many lessons learned over the past decade that Kathy brings to Grow Developments, along with her highly experienced team of experts.

Here are some of the past projects:

Riverscape, Portland OR

We partnered with a 30 year veteran developer to purchase 27 waterfront town homes that sat incomplete when the bank failed in 2009. We were able to purchase the property for $3M (worth over $20M). We finished construction and sold the condos to retail buyers. Investors earned over 20% IRR.

Dublin Crossing, CA

We contracted the purchase of an office building in the city of Dublin, California for $10M with a 1.2M option deposit. We then re-entitled the land for residential use, tore down the existing office building and finished out residential lots. Pulte Homes paid $20M for the lots, and our investors made over 30% IRR.

Challenge Dairy, Dublin CA

During the Dublin land entitlement project, we ran into a problem. One of the tenants in the office building decided not to leave, and they had a 10 year lease. Our developer partner came up with a solution - he rezoned some of the residential lots back to commercial use, and we built a brand new headquarters for Challenge Dairy. Investors earned a 22% IRR.

Cannon Ranch, Pasco County, FL 

Total Raise Amount  $1,600,000
# of RealWealth Investors  33
Investor Projected Return  20%+
Property Location  Pasco County, FL
We purchased 26 acres of commercial land, adjacent to our residential development, the Mirada, for $380,000 (it had previously sold for $6.5M in 2004). We raised a bit more money for holding costs and entitlement fees, and held this land until construction on Mirada began. We then sold half the land to a large grocery chain, and the remaining pads to other commercial developers. Investors received their 15% preferred return plus profit in 2021.

Pleasant Hill, CA

We bought a commercial building in Pleasant Hill, California sitting on 3.2 acres of land. We re-entitled the land for residential use, tore down the existing building, finished the lots and then sold the subdivision to a national builder. Investors earned 13%+ IRR over an 18 month period.

Argos Reno, Nevada

We purchased 100 acres of entitled land just 15 minutes west of Reno for $12.5M. We raised an additional $4M to finish out the lots and build the first phase of spec homes. We contracted to sell a portion of the property to a 3rd party, and the proceeds from that sale helped fund the construction on the remaining lots. Investors received their capital back and preferred return in 2022. Investor IRR was approximately 10.5% depending on when capital was invested.

Quest Reno

We decided to form a new investor group to buy lots from Argos. There was a severe shortage of homes in the area due to Tesla moving its Giga Factory to the area. We built more affordable homes and sold them out by 2021. Investor earned approximately 8% IRR

San Antonio, Texas

An 1831 acre master planned community surrounding the brand new Texas A&M University San Antonio (TAMUS) had been tied up in litigation for 7 years. The owners acquired a hard money loan and needed a quick sale for $26.5M. We purchased the note for $13M at 10% interest for a 6 month term, with the hopes of reselling the property for twice what we paid (doubling investor returns in just a few months). The owners were able to pay off our loan, and our investors earned the 10% interest.

Village Lake Apartments, Mountain View

We acquired a 208 unit apartment building next to the Google headquarters in Mountain View, CA. The business plan was to re-entitle the 9.8 acres to higher density (500+ units) and offer 30% of the units as affordable. However, development of any kind is risky in California, and protestors delayed the process by years. As a result, investors received 80% of their capital. Lesson: We no longer do business in California, sadly.

Arbor Village Apartments, Anderson Indiana

We acquired a 96 unit apartment building in Anderson, Indiana. This property was very difficult to manage due to its age. A gas pipe broke overnight and tenants were forced to vacate, leaving the property 100% unoccupied. The city made many demands for reconstruction that were out of budget and would not have pencilled. After negotiating a $1M reduction to the loan amount, we were able to sell the building. Investors received 65% of their capital. Lesson: Older properties need a large amount of reserves on hand for repairs and maintenance.

RWN Turnkey Rental Fund

The business plan was to acquire single-family rental homes in Florida, Ohio, Michigan and Georgia. We picked these areas based on cash flow and appreciation potential due to migration trends. Investors were entitled to an 8% preferred return and a share of any remaining profits.

Rental Ready Fund

Short-term lending fund to RealWealth’s turnkey rental property provider in Ohio. Funds are secured in 1st position at 65% ARV. Investors received 8% as projected plus full return of their capital.
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