Investment Overview

Wekiva Gardens RV Resort

Prepared by Beeman Construction Inc.

An RV resort with park model cabins and tent camping on 9.75 acres in the Wekiva Springs corridor — Central Florida's premier eco-tourism destination.

Total Units

Total Project Cost

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Investment Narrative

The Opportunity

Investment Thesis

Wekiva Gardens is a ground-up development of a boutique RV resort with park model cabins and nature-immersive tent camping on 9.75 acres of Rock Springs Road in Apopka, Florida — half a mile from Wekiwa Springs State Park, one of Central Florida's most visited natural attractions.

The project converts a legacy agricultural nursery into an income-producing hospitality asset, capitalizing on a severe supply-demand imbalance in overnight accommodations along the Wekiva River corridor. Environmental restrictions (WPPA) that limit development density also create a lasting competitive moat — new supply in this corridor is structurally constrained.

The deal is structured as a GP/LP partnership. The landowner and developer serve as co-GPs, contributing land and deferred construction profit as equity. LP investors provide cash equity and receive a preferred return with a defined distribution waterfall. Use the interactive sliders throughout this dashboard to model different scenarios.

Key Highlights

Location	Rock Springs Rd — 0.5 mi from Wekiwa Springs SP
Site	9.75 acres, AG-zoned, WPPA overlay
Product Mix	RV pads + Park Model Cabins + Tent/Glamping
Entitlement Path	Special Exception (AG allows campgrounds)
Financing	SBA 504 or Conventional Non-Recourse (toggle above)
GP Equity Sources	Land contribution + Deferred GC profit
LP Preferred Return	8% cumulative (adjustable)
Hold Period	10 years (modeled)
Exit Strategy	Stabilized sale at 7.5% cap rate

Why now: The Wekiwa Springs State Park campground just reopened (March 2026) after a major renovation, drawing national media attention to the corridor. RV ownership hit 11.2M households in 2025, up 62% in a decade. The outdoor hospitality sector is experiencing institutional capital inflows for the first time.

What We're Building

A boutique outdoor hospitality resort — guests pay nightly to park their RV on full-hookup concrete pads, stay in a furnished 400 SF park model cabin, or camp on a wooded tent site tucked into the preserved tree canopy. The property includes a resort-style pool, bathhouse, camp store, fire pit gathering area, and nature trails connecting to the Wekiva corridor.

This is not a mobile home park or long-term RV storage facility. It is a short-stay hospitality operation with nightly rates, online booking, professional management, and resort-grade amenities — the same category as KOA, Harvest Hosts, and AutoCamp, but independently owned and positioned at a lower price point.

What the Landowner Gets

Instead of a nursery generating modest agricultural income, the landowner becomes co-GP of an operating resort. They contribute no cash — just the land they already own. In return, they receive a share of annual cash flow and a share of the eventual sale value. The property transforms from a ~$469,000 agricultural parcel into a projected $10+ million income-producing asset at stabilization, because income-producing real estate is valued on the cash flow it generates, not just the dirt underneath.

How the Money Works

The landowner contributes the property as GP equity — no cash out of pocket. The developer (a licensed Florida CGC) contributes deferred construction profit as additional GP equity. Together, these non-cash contributions can cover a significant portion (or all) of the required equity, depending on financing structure.

We offer two financing paths: SBA 504 (10% equity, lower cash requirement, personal guarantee) or Conventional Non-Recourse (35% equity, higher cash, no personal guarantee). Toggle between them in the Capital section to see the tradeoffs. LP investors fill any remaining equity gap and receive a preferred return before any GP distributions.

What Could Go Wrong

Every investment carries risk. Permitting could take longer than expected. Construction costs could increase. Occupancy might ramp slowly in year one. We've stress-tested all of these in the Risk Analysis section — even in a bear-case scenario with simultaneous adverse moves across occupancy, rates, and expenses, the project still covers debt service. The WPPA environmental restrictions actually work in our favor long-term: they create a structural barrier to new competing supply in the corridor.

Demand: The Supply-Demand Imbalance

The Wekiva River corridor is one of Central Florida's highest-demand nature tourism destinations, drawing over a million visitors annually to Wekiwa Springs State Park (800K+ visitors/year, FL's #4 most-visited spring), Kelly Park / Rock Springs (500K+ visitors, frequently hits capacity), and the Wekiva River itself.

Despite this massive demand, overnight accommodation supply is critically undersized. The state park campground offers only 60 sites and books out immediately. Wekiva Falls RV Resort, 6 miles north, runs 817 sites at sustained high occupancy — validating that the corridor can absorb significant inventory. Nationally, the KOA North America Camping Report found that more than half of campers cannot find an available campsite. This isn't a "build it and hope they come" situation — the demand already exists and is growing every year.

National Tailwinds

RV ownership reached 11.2 million U.S. households in 2025, up 62% over the past decade. The outdoor hospitality sector is undergoing a generational shift: millennials and Gen Z are the fastest-growing camping demographics, and they're willing to pay premium rates for curated experiences. Institutional capital is entering the space for the first time — Brookfield, KKR, and Sun Communities have made multi-billion dollar acquisitions, compressing cap rates and validating outdoor hospitality as a legitimate institutional asset class.

Supply Ceiling: The WPPA Competitive Moat

This is the single most important structural advantage of this investment. The Wekiva Parkway Protection Area (WPPA) imposes strict environmental constraints on all development within the corridor: 30% maximum impervious surface coverage, 50% minimum tree preservation, and 3-inch on-site stormwater retention. These restrictions apply to every parcel in the area — not just ours.

What this means for competition: The WPPA effectively caps the number of new hospitality sites that can ever be built along this corridor. A developer cannot simply buy the parcel next door and build 200 hotel rooms — the impervious coverage limits make that physically impossible. The available developable land in the WPPA is further constrained by existing development, conservation easements, and state park boundaries.

The ceiling effect: While most real estate investments face the risk of new supply eroding returns, this property benefits from a government-imposed supply ceiling. The same regulations that add complexity to our entitlement process permanently protect our market position once we're permitted and operating. Future competitors face the same (or worse) constraints, with fewer remaining suitable parcels.

Competitive Set

Property	Sites	Distance	Rate Range
Wekiwa Springs SP Campground	60	0.5 mi	$24/night
Wekiva Falls RV Resort	817	6 mi	$55-85/night
Kelly Park (day-use only)	—	4 mi	No overnight
Orlando NW / Orange Blossom KOA	200+	12 mi	$65-120/night

Positioning: Wekiva Gardens fills a gap between the state park's bare-bones camping ($24/night, perpetually booked) and the large-scale commercial RV parks further out. Our location — the closest private overnight accommodation to Wekiwa Springs — commands a premium that our pricing model reflects conservatively.

Property

Site Overview

Property Details

Address	3661 Rock Springs Road, Apopka, FL 32712
Parcel ID	22-20-28-0000-00-004
Owner	Wekiva Gardens Inc
Municipality	City of Apopka
Zoning	APK-AG (Agricultural)
Current Use	Ag Container Nursery
Gross Acreage	9.75 ac (424,612 SF)
2025 Market Value	$469,010
Existing Improvements	1,230 SF warehouse (1978)

Wekiva Parkway Protection Area

The property lies within the WPPA, imposing environmental constraints that function as a competitive moat — limiting new supply in the corridor.

Max Impervious Coverage	30%
Min Open Space / Tree Preservation	50%
Stormwater Retention	3" on-site
Developable Area (RV + Cabin pads)	4.88 ac
Roads & Amenity Area	1.60 ac
Net Pad Area	3.28 ac
Tent Sites in Preservation	4.88 ac available

Design advantage: Tent/glamping sites are scattered within the 50% tree preservation area — no impervious impact, no clearing, and they enhance the nature-immersion experience. WPPA constraints function as a competitive moat, limiting new supply in the corridor.

Location Advantages

Wekiwa Springs State Park

0.5 mi — FL's #4 most-visited spring, 800K+ annual visitors. Campground reopened March 2026.

Wekiva Falls Resort

6 mi north — 817 sites, consistently high occupancy. Validates massive corridor demand.

Kelly Park / Rock Springs

4 mi — Iconic tubing destination. 500K+ annual visitors, frequently reaches capacity.

Orlando Metro Access

25 min to downtown. Dual market: nature tourism + theme park overflow + weekender demand.

Market

Market Analysis

Florida RV & Outdoor Hospitality Market

FL Private Park Occupancy (2024)	+7% YoY
FL Average Daily Rate Trend	+3% YoY
National Campers Unable to Find Sites	56%
FL RV Registrations (Active)	1.2M+ units
Annual FL Camping Trips	16M+
Average FL Camper Household Income	$95K+

Supply-demand gap: More than half of campers nationally report being unable to find available sites. Florida's year-round season amplifies this undersupply.

Competitive Supply (10-Mile Radius)

Property	Sites	Distance
Wekiva Falls RV Resort	817	6 mi N
Wekiwa Springs State Park	60	0.5 mi
Orange Blossom KOA	~120	8 mi S
Twelve Oaks RV Resort	~90	9 mi SW
Total Competitive Supply	~1,087

Wekiva Falls (817 sites) demonstrates that this corridor absorbs enormous capacity. Our project represents a modest supply increase easily absorbed by unmet demand.

Macro Environment (Q1 2026)

Federal Funds Rate

3.50 – 3.75%

Stable outlook, favorable for SBA lending

FL Construction Cost Index

+6–9% vs 2024

50% steel/aluminum tariff, +8.2% lumber

FL Commercial Insurance

Stabilizing

+10.4% requested 2026, down from 20%+ prior years

Program

Site Program & Unit Mix

Adjust Unit Mix

Full-Hookup RV Sites

0 – 50 sites $65/night

30/50 amp, water, sewer, Wi-Fi, concrete pads

Park Model Cabins

0 – 25 units $149/night

400 SF, 1BR/1BA, full kitchen, furnished turnkey

Tent / Glamping Sites

0 – 35 sites $35/night

Tucked into preserved tree canopy, fire ring, picnic table, shared bathhouse

53 total units (45 on pads + 8 in tree canopy) 5.4 units/ac 69% of impervious capacity (65 max RV+Cabin on pads)

Tent sites are located within the 50% tree preservation area — no impervious surface, no impact on WPPA site capacity.

Year 3+ assumption — ramp years scale proportionally

72%

RV 72% Cabin 68% Tent 55%

Amenity Package

Bathhouse with private showers & laundry

Resort-style pool & sundeck

Camp store, check-in office & lounge

Fire pit gathering area & pavilion

Nature trail connecting to Wekiva corridor

Pet-friendly with dog run area

High-speed Wi-Fi throughout property

EV charging stations (2)

Stabilized Revenue Mix (Y3)

Financials

10-Year Financial Projections

	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Y8	Y9	Y10
Gross Revenue
Operating Expenses
Net Operating Income
Debt Service
Cash Flow After DS
DSCR

Revenue & NOI Growth

Debt Service Coverage

Development Budget

Line Item	Amount	$/Unit

Operating Expense Detail (Stabilized Y3)

Category	Annual

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Expense Ratio

Capital

Capital Structure & Partnership

Financing Structure

Sources of Capital

Source	Amount	%	Rate / Term

Sources Breakdown

Annual Debt Service
CDC Component
Bank Component
Y3 DSCR

Partnership & Equity Structure

Land Contribution Method

$450,000

$200K – $900K Purchase Price

9.75 gross acres — adjust to match appraisal or negotiated value

$200,000

$0 – $500K 12.5% Profit

12.5% profit deferrable as standby debt — 5% overhead retained by GC during construction

70%

GP 70% / LP 30%

Slides between GP and LP — always totals 100%

8.0%

LP gets pref before any GP distributions

Cumulative preferred return on LP cash invested

20%

GP gets 20% of excess after LP pref

After LP pref is paid, GP takes this % off the top before the ownership split. Industry standard: 15–25%.

Waterfall Order

1. LP Preferred Return (8%)
2. GP Promote (20% of excess)
3. Remaining splits per ownership
4. At exit: LP capital returned first

20%

Landowner 20% / Developer 80%

In equity mode: family contributes land + shares in upside. In purchase mode: family gets cash at closing + this % of GP upside distributions.

Year 3–10

Most RV resort investors target a 5–10 year hold. Earlier exits reduce risk but capture less upside.

7.5%

5.0% (aggressive) – 10.0% (conservative)

Lower cap = higher sale price. RV resorts in FL typically trade at 6.5–8.5% cap rates.

Cap Rate Context

5.0–6.5% — Institutional / prime markets
6.5–7.5% — Strong operator, good location
7.5–8.5% — Typical FL RV resort (our default)
8.5–10.0% — Secondary market / higher risk

Equity Stack

Source	Amount	% of Equity	Party

⚠

Pre-Investment: Cash at Risk Before Zoning

These costs must be spent before the Special Exception is approved and before any loan closes. This is the developer's cash at risk.

Item	Amount	Timing
Special Exception Filing	$5,000	Before hearing
Phase I Environmental (ESA)	$5,500	With application
Boundary Survey	$4,500	With application
Tree & Topographic Survey	$5,000	With application
Geotechnical Report	$7,000	Pre-design
Legal / Entitlement	$5,000	Ongoing
Total Cash at Risk	$32,000	Before Approval

Risk note: If the Special Exception is denied, this $32,000 is lost. This is the developer Co-GP's cash at risk — not funded by LP or by the loan. This amount is included in the developer's equity basis for IRR calculation.

Co-GP & LP Returns (10-Year)

Co-GP (Developer)

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Total Distributions

Co-GP (Family)

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Total Distributions

LP (Cash Investor)

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Cash In (% of Total Equity)

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Total Distributions

Distribution Waterfall (Annual)

LP receives preferred return first on cash invested, then remaining cash flow splits per ownership. Exit: LP capital returned first, then pref, then split.

	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Y8	Y9	Y10

Recourse Analysis — Why LP Capital Matters

One of the primary reasons to bring in LP investment is to reach the equity threshold required for non-recourse financing, eliminating personal guarantees for the GP.

SBA 504 (10% Equity)

Total Equity Required	—
GP Covers (Land + GC)	—
LP Cash Needed	—
Personal Guarantee	—
Borrowed at Personal Risk	—

Total Interest Paid (life of loan)	—
Effective Cost of Capital	—

Conventional (35% Equity)

Total Equity Required	—
GP Covers (Land + GC)	—
LP Cash Needed	—
Personal Guarantee	—
Additional Cash vs SBA	—

Total Interest Paid (life of loan)	—
Effective Cost of Capital	—
Interest Savings vs SBA	—

Note on deferred GC fees: SBA 504 allows deferred developer/contractor fees as equity injection when structured as standby debt — unsecured, no payments for minimum 2 years, fully subordinate to SBA and bank debt. This must be documented in the loan package. For conventional non-recourse loans, deferred fees are less commonly accepted; consult with the lender.

Note on personal guarantee: SBA 504 requires personal guarantees from all 20%+ owners regardless of equity level. "Standard carve-outs" (bad-boy guarantees) apply in non-recourse loans for fraud, environmental contamination, voluntary bankruptcy, or misappropriation of rents — triggered only by bad acts, not business performance.

For the Investor

Investment Summary

Key metrics and deal highlights for LP due diligence — all figures update dynamically based on the dashboard settings above.

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LP Net IRR

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LP Equity Multiple

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Stabilized Cash Yield

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LP Total Distributions

The Deal at a Glance

Your Investment vs. Your Return

You Invest

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Cash at closing

You Receive (Total)

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Preferred return + profit share + exit proceeds

LP Protections & Waterfall Priority

Risk / Return Profile

Bull Case

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Base Case

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Bear Case

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Returns

Investment Returns

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Y10 Net to Equity

Exit Analysis (Year 10 Sale)

Cumulative Cash Flow

Risk Analysis

Sensitivity & Risk

Single-Variable Sensitivity (±1 Standard Deviation on Y3 NOI)

Each row shows the impact of a one-standard-deviation move in a single variable, holding all others at base case.

Variable	–1σ	NOI	DSCR	+1σ	NOI	DSCR

Base Case Y3 NOI: | Base DSCR:

Combined Scenarios

Scenario	NOI	DSCR	Status

Key Risk Factors & Mitigants

Risk	Mitigant
Entitlement delay	Pre-application meeting with Apopka DRC; AG zoning allows campground by CUP
Construction cost overrun	8% contingency; GC-principal controls costs; modular cabins reduce variability
Occupancy shortfall	Proximity to Wekiva Springs drives baseline demand; bear-case still covers DS
Interest rate risk	SBA 504 CDC fixed for 20 years; bank portion hedgeable
Hurricane / weather	FL building code wind design; business interruption insurance
Environmental (WPPA)	Phase I ESA clean; stormwater engineered to WPPA standard

Permitting

Entitlement & Permitting Pathway

Zoning & Approvals Required

Current Zoning	APK-AG (Agricultural)
Rezoning Required?	No
Special Exception Required?	Yes
Comp Plan Amendment?	No
WPPA Review	Required
SJRWMD ERP	Required
FL Admin Code Max Density	25 units/gross acre
Proposed Density	5.4 units/ac

Key advantage: Agricultural zoning permits campgrounds via Special Exception — no rezoning required. Special Exceptions are administrative approvals granted by the City, subject to site plan review and public hearing.

Entitlement Timeline

Months 1-2

Pre-Application & Due Diligence

DRC meeting, Phase I ESA, tree survey, wetland delineation, geotech, topo survey

Months 3-4

CUP Application

Site plan, traffic study, stormwater report, environmental narrative

Months 5-7

DRC Review & Public Hearing

Staff review, neighbor notification, Planning Commission, City Council

Months 7-9

Engineering & Permits

Final engineering, SJRWMD ERP, building permits, utility connections

Months 9-18

Construction

Site work, infrastructure, cabin installation, amenities, landscaping

Month 18-19

CO & Opening

Certificate of occupancy, health dept inspection, soft opening

Tax Considerations

Tax Implications for the Property Owner

The property is held by Wekiva Gardens Inc (believed to be an LLC). The heirs are inheriting the entity that owns the land. This is general information, not tax advice — consult a CPA and tax attorney for your specific situation.

Inherited LLC — Stepped-Up Basis

Inheriting an LLC (taxed as partnership) is the best-case scenario for real estate. A Section 754 election allows the land itself to receive a stepped-up basis to fair market value.

What this means	If the land was originally purchased for $50K decades ago, the new tax basis resets to ~$450K (current FMV). No "trapped basis" problem. No double taxation.
Section 754	The LLC's accountant files a 754 election with the next partnership return. This adjusts the inside basis of the land to match the inherited outside basis. Clean and simple.
Verify on Sunbiz	Confirm at Sunbiz.org (FL Division of Corporations) that the registered entity is indeed an LLC, not a corporation. The OCPA record shows "Inc" — make sure the Sunbiz filing matches. Check before development.
No gains from conversion	Converting from nursery to RV park is a change of use, NOT a sale — no capital gains are triggered by the conversion itself.

Ag Exemption — Partial Retention Strategy

Under FL Statute 193.461, a property can receive split classification — part agricultural, part commercial. The existing greenhouse infrastructure enables this.

Current assessed value	$122,160
Current annual taxes	$2,504
Full commercial reclassification	~$38,000 – $45,000/yr
With split ag/commercial	~$30,000 – $36,000/yr

Farm-to-table greenhouse strategy: Maintain a bona fide commercial greenhouse operation on 2-3 acres, growing produce for the camp store and guest experience. This retains ag classification on that acreage, saves $5-10K/yr in taxes, and creates a premium resort amenity that reinforces the "Wekiva Gardens" brand. The existing 16,440-unit greenhouse (on the OCPA record since 1978) establishes continuity of agricultural use.

Additional ag opportunities: The 50% tree preservation area required by WPPA could qualify as silviculture (managed timberland) for ag classification, potentially keeping even more acreage at the lower tax rate. Florida's agritourism statute (570.85) also provides liability protections for farm tours, u-pick, and other guest agricultural experiences.

Development Creates Tax Benefits

Depreciation Shelter

All development costs create depreciable assets: land improvements (15-year life), buildings (39-year), furniture & equipment (7-year). This generates paper losses that offset taxable income from the resort and potentially other income.

Cost Segregation Study

A cost segregation study reclassifies components into shorter-lived categories (5, 7, or 15-year instead of 39-year), accelerating depreciation. For a ~$4M development, this could generate $1M+ in accelerated deductions in the first few years.

1031 Exchange Potential

If the resort is eventually sold, proceeds can be rolled into a new investment property via a 1031 exchange, deferring all capital gains taxes indefinitely. This is one of the most powerful wealth-building tools in real estate.

Key Tax Actions Before Development

1. Verify Entity on Sunbiz.org

Confirm that Wekiva Gardens is registered as an LLC (not a corporation). The OCPA shows "Inc" — verify the actual filing matches. If it's a corp, restructure before development.

2. File Section 754 Election

Have the LLC's accountant file a 754 election with the next partnership tax return to step up the inside basis of the land to current FMV (~$450K).

3. Get a Qualified Appraisal

Document the fair market value at date of inheritance. This establishes the stepped-up basis and is critical for any future sale or 1031 exchange.

4. Maintain Ag Use on Greenhouse Acreage

Keep the greenhouse in active agricultural production to retain split ag/commercial classification. Document crop income for the Property Appraiser.

5. Plan Cost Segregation Early

Engage a cost segregation firm during design phase to tag components for optimal depreciation from day one.

Next Steps

Investment Opportunity

GP Structure

Land	—
GP (Development)	Beeman Construction Inc. — licensed FL CGC, construction mgmt, entitlement, operations
Total Equity	—
GP Equity	—
LP Cash Required	—

Immediate Next Steps

Letter of Intent

Execute LOI between co-GPs outlining equity, promote structure, roles

Due Diligence

Phase I ESA, tree survey, boundary survey, geotech — est. $25-35K

Pre-Application Meeting

Schedule DRC pre-application with City of Apopka

SBA 504 Lender Engagement

CDC pre-qualification and bank term sheet with pro forma package

For the Landowner

What This Means for Your Family

This section is a plain-English summary of what the numbers above mean for you — based on the current settings selected in the dashboard.

Your Property Today vs. After Development

Today

Agricultural Nursery

9.75 acres on Rock Springs Rd

~$469,000

Orange County Assessed Value

After Development (Stabilized)

Operating RV Resort

65 total sites

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Estimated Stabilized Value (Y3 NOI / 7.5% )

What You Receive

Frequently Asked Questions

Do I need to put up any cash?
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What happens to property taxes?
The land transfers into the partnership LLC, and property taxes become a partnership operating expense — you do not pay them personally. Taxes will increase when the county re-assesses the improved property as commercial/hospitality rather than agricultural. However, the partnership plans to maintain a farm-to-table greenhouse on-site to retain a partial agricultural exemption under FL Statute 193.461, reducing the increase. This is already factored into the operating expense projections above.

What if I need money before year 10?
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Who manages the property day-to-day?
Beeman Construction Inc. handles all development and ongoing resort management. You do not need to be involved in daily operations unless you want to be. Major decisions (like selling the property) require agreement from all partners.

What are the risks?
The main risks are construction delays, permitting timelines, and occupancy ramp-up. Even in a conservative scenario, the resort still covers its loan payments. The Wekiva Protection Area (WPPA) environmental rules actually protect your investment by preventing competitors from building nearby — very few new resorts can be permitted in this corridor.

Do I need to sign a personal guarantee?
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What if the project completely fails?
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Can I get out early if I change my mind?
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What decisions do I get a say in?
As a Co-GP (co-owner/operator), you have a vote on major decisions: selling the property, refinancing the loan, bringing in new partners, or making large capital improvements (over $50K). Day-to-day operations — staffing, nightly pricing, marketing, maintenance — are handled by the development Co-GP (BCI). You can be as involved or as hands-off as you want in daily operations.

What are my ongoing obligations?
Minimal. You do not manage the resort, hire staff, or handle guests. The partnership agreement will require you to keep your ownership stake and not sell without partner consent. You may need to sign tax documents annually (the partnership files a K-1 form reporting your share of income). You do not contribute cash at any point beyond your initial land contribution.

Your Payoff Scenarios

These three scenarios show what your family could receive depending on how the resort performs. All numbers are estimates based on the current dashboard settings.

Good Case

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Base Case

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Bad Case

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Good case assumes 85% occupancy and strong market. Base case uses the dashboard's current settings. Bad case assumes 55% occupancy and weaker sale price. All scenarios assume the partnership sells in the selected exit year.

How the Money Flows

Every year the resort makes money, here's the order in which people get paid:

Risks You Should Understand

Construction Takes Longer or Costs More

The developer bears cost overruns through their deferred profit and contingency budget. But delays push back when you start receiving income — potentially by 6-12 months.

Permitting Could Be Denied or Delayed

If the City of Apopka denies the conditional use permit, the deal doesn't happen. You keep your land exactly as it is today — no downside. The developer absorbs all pre-development costs.

Fewer Guests Than Expected

If occupancy runs 10-20% below projections, your annual income shrinks significantly, but the resort likely still covers its loan payments. Your exit proceeds would also be lower.

Worst Case: Foreclosure

If the resort can't cover its loan payments for an extended period, the bank could foreclose. You would lose the property. Under SBA 504 financing (with a personal guarantee), you could also owe the bank any shortfall between the sale price and the loan balance. This is the most serious risk to understand.

What Protects You

The Wekiva Protection Area (WPPA) limits new resort development in the corridor — this means fewer competitors. The area's proximity to Wekiva Springs State Park creates natural, year-round demand. And the resort is designed with modest operating costs, so even at lower occupancy, it can survive.

Before You Sign: Your Checklist

☐ Review the partnership agreement with YOUR attorney — not the developer's attorney. Make sure you understand your voting rights, exit options, and profit sharing.
☐ Understand the personal guarantee — if SBA 504 financing is used, you will be personally liable for the loan. Ask your attorney what this means for your other assets.
☐ Confirm your land is the collateral — the bank's loan is secured by your property. If the project fails, the bank gets the land.
☐ Review the three payoff scenarios above — make sure you're comfortable with the bad case, not just the good case.
☐ Plan on your capital being tied up — you likely cannot force a sale or get your land back for 5-10 years.
☐ Get an independent property appraisal — confirm the land value used in this deal reflects fair market value.

Investment Memorandum

Executive Summary

All figures below are dynamic and reflect the current dashboard settings. Adjust sliders above to model different scenarios.

Investment Thesis

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LP Net IRR

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Equity Multiple

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Preferred Return

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Y3 DSCR

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Total Project

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Exit Proceeds

Sources of Capital

Uses of Capital

Distribution Waterfall — LP Priority

Annual Pref (Y3+)

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Cumulative Cash Flow

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Exit Proceeds to LP

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Key Risk Factors

Entitlement risk — CUP required from City of Apopka. Mitigated by AG zoning compatibility and pre-application engagement with DRC.

Construction execution — Ground-up development with 8% contingency. GC-principal controls costs; modular cabins reduce variability.

Lease-up / occupancy — Y1-Y2 ramp period. Conservative underwriting (72% RV stabilized) with proximity to Wekiva Springs as demand anchor.

Interest rate — SBA 504 CDC fixed for 20 years. Bank portion variable but hedgeable. Non-recourse structure eliminates rate-driven personal risk.

Competitive Advantages

Regulatory moat — WPPA 3" impervious cap and environmental restrictions limit new supply within 2-mile radius. Effectively a franchise on the location.

Demand anchor — Wekiva Springs State Park draws 400K+ annual visitors. Kelly Park / Rock Springs 150K+. Year-round demand floor from eco-tourism and springs access.

Sector tailwinds — Outdoor hospitality sector seeing institutional capital inflows (KKR, Brookfield). RV ownership at 11.2M households and growing.

GP alignment — Developer is GC-principal with deferred profit as equity. Skin in the game from day one, construction cost control, and operational commitment.

Scenario Analysis — LP Returns

Scenario	LP IRR	LP Multiple	LP Total Dist.	DSCR (Y3)	Status

LP Due Diligence Checklist

☐ Review PPM / Operating Agreement — Confirm waterfall mechanics, GP promote, LP protections, capital call provisions, and transfer restrictions.
☐ Verify site & entitlement feasibility — Phase I ESA, tree survey, geotech, WPPA compliance, and CUP pathway with City of Apopka.
☐ Validate financial model assumptions — Compare ADR, occupancy, and expense ratios against KOA/ARVC industry benchmarks and Florida campground comps.
☐ Confirm financing terms — SBA 504 pre-qualification, CDC commitment letter, bank term sheet, and guarantee requirements.
☐ Assess personal guarantee exposure — Understand scope of SBA personal guarantee obligations and identify non-recourse alternatives.
☐ Consult legal & tax advisors — Review partnership structure, K-1 tax implications, depreciation benefits, and any state-specific regulatory requirements.

RV Resort Investment Overview

Wekiva Gardens RV Resort

The Opportunity

Investment Thesis

Key Highlights

What We're Building

What the Landowner Gets

How the Money Works

What Could Go Wrong

Demand: The Supply-Demand Imbalance

National Tailwinds

Supply Ceiling: The WPPA Competitive Moat

Competitive Set

Site Overview

Property Details

Wekiva Parkway Protection Area

Location Advantages

Market Analysis

Florida RV & Outdoor Hospitality Market

Competitive Supply (10-Mile Radius)

Macro Environment (Q1 2026)

Site Program & Unit Mix

Amenity Package

Stabilized Revenue Mix (Y3)

10-Year Financial Projections

Revenue & NOI Growth

Debt Service Coverage

Development Budget

Operating Expense Detail (Stabilized Y3)

Capital Structure & Partnership

Sources of Capital

Sources Breakdown

Equity Stack

Pre-Investment: Cash at Risk Before Zoning

Co-GP & LP Returns (10-Year)

Distribution Waterfall (Annual)

Recourse Analysis — Why LP Capital Matters

Investment Summary

The Deal at a Glance

Your Investment vs. Your Return

LP Protections & Waterfall Priority

Risk / Return Profile

Investment Returns

Exit Analysis (Year 10 Sale)

Cumulative Cash Flow

Sensitivity & Risk

Single-Variable Sensitivity (±1 Standard Deviation on Y3 NOI)

Combined Scenarios

Key Risk Factors & Mitigants

Entitlement & Permitting Pathway

Zoning & Approvals Required

Entitlement Timeline

Pre-Application & Due Diligence

CUP Application

DRC Review & Public Hearing

Engineering & Permits

Construction

CO & Opening

Tax Implications for the Property Owner

Inherited LLC — Stepped-Up Basis

Ag Exemption — Partial Retention Strategy

Development Creates Tax Benefits

Key Tax Actions Before Development

1. Verify Entity on Sunbiz.org

2. File Section 754 Election

3. Get a Qualified Appraisal

4. Maintain Ag Use on Greenhouse Acreage

5. Plan Cost Segregation Early

Investment Opportunity

GP Structure

Immediate Next Steps

Letter of Intent

Due Diligence

Pre-Application Meeting

SBA 504 Lender Engagement

What This Means for Your Family

Your Property Today vs. After Development

What You Receive

Frequently Asked Questions

Your Payoff Scenarios