Dallas Storage & Flex

Mixed-Use Development Investment Opportunity

3363 Villa Rica Highway | Dallas, GA

KBO4, LLC | March 2026

Executive Summary

79,075 SF mixed-use development in high-growth Dallas, GA corridor
Target 21.8% levered IRR | 2.49x equity multiple | 8% preferred return
$2.7M equity raise (25% of total project cost)
Severe supply gap: 3.3 SF/capita vs. 8.2 SF/capita regional average

$10.8M

Total Dev Cost

$2.7M

Equity Required (25%)

$881K

Stabilized Annual NOI

21.8%

Blended Levered IRR

2.49x

Equity Multiple

8.16%

Yield on Cost

Site Overview & Area Map

7.36 acres | Fully entitled | Ready to build
18,900 AADT on Villa Rica Highway (high visibility)
Adjacent anchors: Costco, DR Horton, Fischer Homes
Zoning: B-2 with storage SUP approved

Area Map

Market Supply Analysis

Local Supply (3-Mile Radius)

3.3 SF/Capita

Regional Average

8.2 SF/Capita

Critical Insight: 60% undersupplied vs. regional norms | Zero new competing facilities in pipeline

Competitive Landscape

Development Components

Climate-Ready Storage

20.1%

Levered IRR

▸ 490 units / 56,475 SF
▸ Durable needs-based cash flow
▸ 7.5% yield on cost

Flex Office/Warehouse

24.5%

Levered IRR

▸ 22,600 SF in two phases
▸ Higher-yield lease profile
▸ 9.2% yield on cost

Site Plan & Building Elevations

Conceptual Site Plan

Building Elevations

Capital Structure

Construction Loan (75%)

$8.1M

Equity (25%)

$2.7M

Construction Loan — $8.1M (75%)

Equity Raise — $2.7M (25%)

Total Project Cost: $10.8M | 8% LP Preferred Return

Use of Funds

Land

$745K

6.9% of total

Hard Costs

$8.4M

77.5% of total

Soft Costs

$1.1M

10.0% of total

Financing & Carry

$610K

5.6% of total

Projected LP Returns

8.0%

Preferred Return

21.8%

Blended Levered IRR

2.49x

Equity Multiple

5-year hold with optional refinance flexibility | Target exit July 2031

IRR by Scenario

Bear

14.2%

7.25% exit cap
85% occ.

Base ★

21.8%

6.40% exit cap
90% occ.

Bull

28.5%

5.75% exit cap
93% occ.

All scenarios assume 5-year hold | 8% LP preferred return

Lease-Up Curve (Months to Stabilization)

Investment Terms

Structure

▸ Entity: LLC
▸ GP: KBO4, LLC (10%)
▸ LP: 90% of equity
▸ Min Investment: $100K

Waterfall

▸ 8% pref return pari passu
▸ To 15% IRR: 75/25 split
▸ Above 15%: 55/45 split

Market Opportunity & Risk Management

📈 Market Catalysts

Active residential development: DR Horton & Fischer Homes projects
Major commercial anchors: Costco, Interroll distribution center
Municipal infrastructure expansion: sewer & water capacity upgrades
High-visibility corridor: 18,900 AADT

🛡 Risk Mitigation

De-risked entitlements: B-2 zoning with approved storage SUP
Phased delivery strategy minimizes lease-up exposure
Income diversification: stable storage + higher-yield flex
Built-in value cushion: 8.16% YOC vs. 6.4% exit cap

Return Sensitivity Analysis

Base Case: 2.49x Equity Multiple | 6.4% Blended Exit Cap | 24-Month Stabilization

Exit Cap Rate → Stabilization ↓	5.75% (-10%)	6.00% (-5%)	6.40% (Base)	6.75% (+5%)	7.25% (+10%)
21.6 mos (-10%)	2.77x	2.71x	2.63x	2.56x	2.45x
22.8 mos (-5%)	2.70x	2.64x	2.56x	2.49x	2.38x
24.0 mos (Base)	2.63x	2.57x	2.49x	2.42x	2.31x
25.2 mos (+5%)	2.54x	2.48x	2.40x	2.33x	2.22x
26.4 mos (+10%)	2.46x	2.40x	2.32x	2.25x	2.14x

Green: Above 2.50x | Yellow: 2.30x-2.50x | Orange/Red: Below 2.30x

Investment Process

1. Review Documentation

Access offering memorandum, operating agreement, and detailed pro forma models

2. Submit Subscription

Complete subscription agreement and investor questionnaire

3. Fund Capital

Wire equity per capital call schedule

4. Partnership Admission

Formally admitted as LP, preferred return begins accruing

Sponsor Team & Contact

SC

Scott Condra

Co-Founder & Principal

Development, Entitlements & Capital

BR

Brent Reid

Co-Founder & Principal

Operations, Finance & Investor Relations

💳 Ready to Invest?

KBO4, LLC

scondra@condragroup.com

breid@wintercompanies.com

Request full data room including models, operating agreements & subscription docs

Important Disclosures

Past performance is not indicative of future results. An investment in this project involves a high degree of risk, including the potential loss of all invested capital. This material does not constitute an offer to sell or a solicitation of an offer to buy any securities, which may only be made by means of definitive offering documents and in compliance with applicable securities laws.

Any summaries of terms, returns, or structural features provided herein are for convenience only and are qualified in their entirety by the more detailed descriptions contained in the final operating agreement, subscription documents, and private placement memorandum. Investors should read all such documents carefully and consult with their own legal, tax, and financial advisors prior to making an investment decision.