Union House
Regulation Crowdfunding

Goal: $300,000 to $1,070,000


Membership Interests

10% IRR Hurdle (Preferred Return)


Target: 15% IRR over 3 to 5 year hold


Unique Investment Options: 


Self-Directed IRA 


Donor Advised Fund



$246,000


Funded
Start date: June 10, 2022
End date: August 31, 2022
Why fund our local story

Highlights

  • The first single-family homes purpose-built for communal living
  • Cost-effective, innovative workforce housing development
  • Veteran leadership with 15 years of complex real estate and private equity projects
  • Previous successful investment crowdfunding campaign
  • Communal co-living multi-tenant spaces built from single family construction process
  • Permits in place and construction began in May 2022 
  • New business model supports strong profit potential alongside its positive community impact

Overview

The Opportunity

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As noted in recent studies, Greenville is suffering from a lack of affordable housing capacity, especially for single residents who desire to live downtown. And, as the local population grows, this problem is only getting worse. Increased demand and low supply is driving rent costs higher, pushing more residents into cost-burdened housing situations (spending over 30% of income on housing). This often includes workforce populations such as teachers, restaurant staff, frontline healthcare workers, and public sector employees such as police and firefighters.




In addition to limited capacity, many affordable housing structures lack dignity, exist separate from traditional neighborhoods, and create an eyesore for the surrounding community. Union House will be the first single-family development purpose-built for communal living. Our unique designs create affordable housing for multi-family tenants within the constructs of single-family ordinances. This efficient layout allows for residences to live in community with their neighbors while providing low-cost, high-quality spaces. 


How It Works

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We're reimagining affordable housing. Our designs create convenient co-living with a modern touch.


Each home has 2 distinct sections, connected by the stairwell/entry hall. This layout allows a resident to choose between entering the public space or going straight to their private space. Individual bedrooms are also laid out in a way that each resident only shares a floor with one other bedroom.


The site will include multiple structures with two unique designs.


More than a room

To increase accessibility and ease of use, each home is all-inclusive with fully furnished living spaces and a shared outdoor area. Rent includes utilities, high-speed internet, weekly cleanings, and more. Flexible leases range from $700 - $1,200 per month. 



Each structure features



Beautiful. Modern. Practical.

We're creating living spaces that meet the needs of modern day renters. Today's renters need a new housing option that is more flexible, efficient, affordable, and communal. It is time for our homes to keep up with our rapidly changing world.



Property site plan



Our custom plans were created by Boyd Architects out of Charleston, South Carolina.

The Neighborhood

Located just a few miles north of downtown, Union House resides within a rapidly expanding area known for its services, shopping, and range of fast and casual dining options.


It also serves as a gateway to nearby Furman University, Paris Mountain State Park, Travelers Rest, and all points north.




The Market Need

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Approximately 85,000 Greenville area households are at 80% AMI (area median income) or below. Of this group, approximately 46,000 are housing cost-burdened with young renters the most likely to face issues with affordability.

Union House will serve this audience, offering a rent prices starting at $700, desirable for single renters at ~80% AMI


The Team

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Matt McPheely

Founder/Developer


Greenville Native with 15 years of real estate and private equity experience. Sold and raised more than $200M in real estate and operating business transactions. Matt is passionate about community-building and impact investing. Matt recently began development on Chapel, a community-focused project that recently successfully raised with Vicinity.


 LinkedIn
 Twitter

Investment Summary

Terms

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This offering is for Class C Membership Units in the Company.

The minimum investment is $500.

Distributions from net cash flow (as determined by Manager):

  • First, 100% to unitholders until 10% IRR Hurdle (preferred return) has occured.
  • Second, pro rata to unitholders based on the percentage interest of each unitholder.

The overall target IRR is 15% and a 3-5 year hold period.


Use of Funds

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  • $300k to $500k for use in construction of the 4 houses
  • $500k up to $700k for F&E
  • Over $700k for contingency and debt reduction


Financial Highlights




This info is provided by the Company. Vicinity never predicts or projects performance, and has not reviewed or audited this financial forecast.

Docs
Risks

We have no operating history upon which you can evaluate our performance, and accordingly, our prospects must be considered in light of the risks that any new company encounters.
We have no history upon which an evaluation of our prospects and future performance can be made. Our proposed operations are subject to all business risks associated with a new enterprise.  


The Company’s success depends on the experience and skill of the board of directors, its executive officers and key employees.
In particular, the Company is dependent on Matt McPheely who is Manager and Member since inception of the Company.


No current tenants or LOIs.
At this early stage in the project, there are no commitments garnered for occupancy. This will be a critical step in the success of the business to produce revenue. 


Bank debt and priority position.
The Company currently has an approved $2.775 million construction loan and the bank holds the first position lien on the property. 


Permitting Risk.

The business may not obtain all necessary state and/or local permits that are required to build and house tenants. 


This is not a comprehensive list of all risks. Please review the Form C filing for additional risks and disclosures.

Disclosures

  • 915 + Main, LLC has filed a Form C which can be found here.
  • Vicinity will be compensated upon a successful raise at 4% of the total amount raised, plus securities in the same form offered to the public equal to 2% of the total number of securities sold in the offering.
  • There is no cost for investors to invest, though Vicinity will receive a 1% transaction fee on all payments from 915 + Main, LLC to investors that will be withheld from the payments to investors.

Investor Update

Before and (future) After. Framing going fast!

Matt McPheely on August 9 Issuer
Investor Update

Foundations are in!

Matt McPheely on July 6 Issuer
Investor Update

Getting ready to pour foundations!

Matt McPheely on June 23 Issuer

InvestLocal podcast episode where Matt discusses his vision for intentional communal living.

Forum
William McGuire
05-19-2022 8:10 PM
Investor
Matt, cool concept and offering. What, if any, is the planned cash distribution schedule during the hold period (tax distributions vs. profit distributions)? Thank you.
 
 
Matt McPheely
05-20-2022 6:48 AM
Issuer
Distributions will take place quarterly once revenue begins. These will be profit distributions, but if a circumstance arises that requires a tax distribution that will be done as needed.