1. Con fi d e n t i a l O f fe r i n g M emorandum
Park Highlands Land
1,340 acres in North Las Vegas, Nevada
Curt Allsop Doug Schuster
Senior Associate Senior Vice President
P: 702.733.7500 x 279 P: 702.733.7500 x 273
C: 702.696.8689 C: 702.501.2345
Curt.Allsop@grubb-ellis.com Doug.Schuster@grubb-ellis.com
Grubb & Ellis|Las Vegas
3930 Howard Hughes Pkwy., Ste 180 Suzanne Sprenger Vittal Ram
Las Vegas, NV 89169 Marketing Coordinator Associate
P: 702.733.7500 P: 702.733.7500 x 282 P: 702.733.7500 x 290
F: 702.862.8242 C: 309.360.4445 C: 702.321.5665
www.gelasvegas.com Suzanne.Sprenger@grubb-ellis.com Vittal.Ram@grubb-ellis.com
Please note that neither Odyssey nor Grubb & Ellis, nor any other persons or parties involved in re: November 2005 Land Investors, L.L.C., et al., Bankruptcy No. BK-S-11-
20704-MKN, makes any representation or warranty whatsoever, express or implied, regarding the content, accuracy or completeness of the information set forth herein.
Any statements, information, reports, or written materials of any nature whatsoever are provided without any independent investigation by said persons and/or parties,
and as such, said persons and/or parties assume no responsibility or liability for the accuracy or validity of the same. Therefore, any verification or review of the attached
documents is solely and completely the responsibility of the person reviewing same.
2. TA B L E O F CO N T E N T S
AU C T I O N D E TA I L S SECTION 1
Timeline & Bid Requirements 2
GENERAL OVERVIEW SECTION 2
Executive Summary 4
Introduction 5
Investment Highlights 6-8
Estimated Annual Carry Costs 9 - 11
Park Highlands & Surrounding Vicinity 12
Park Highlands Ownership Map 13
Park Highlands Land Use 14
November 2005 Parcel Map & Sub-Parcel Zoning 15
O V E R V I E W O F PA R C E L S SECTION 3
Parcel 1 17 - 24
Parcel 3 25 - 37
Parcel 4 38 - 44
Parcel 5 45 - 51
Parcel 6 52 - 58
M A R K E T I N F O R M AT I O N SECTION 4
Las Vegas Land Comparables - Northern Region 60
Master Planned Community Land Comparables 61
Plans for the Area 62 - 67
ALL MAPS & PICTURES ARE AVAILABLE, FULL-SIZED,
IN THE VIRTUAL DEAL ROOM
4. PA R K H I G H L A N D S 2
AUCTION DETAILS
Timeline
Tuesday, November 29, 2011 5:00 p.m. (Pacific Time) PSA Revision/ Objection Deadline
Thursday, December 8, 2011 5:00 p.m. (Pacific Time) Bid Deadline
Monday, December 12, 2011 10:00 a.m. (Pacific Time) Auction
Tuesday, December 13, 2011 1:30 p.m. (Pacific Time) Sale Hearing
Friday, December 30, 2011 11:00 a.m. (Pacific Time) Closing
AU C T I O N
D E TA I L S
Bid Requirements All bids must contain the following:
1. An executed Contract of Sale, also referenced as the Purchase and Sale Agreement
(PSA)
2. An agreement that the offer is binding & irrevocable until 48 hours after or the
earlier of:
a) closing of the Sale of the property,
b) withdrawal of the property by the Debtors, or
c) 30 days after the Sale Hearing.
3. A certified check or wire transfer in the amount equal to 5% of the cash purchase
price payable to the order of the Debtors
4. Written evidence of available cash
5. Any other evidence of ability to consummate the transaction
Please contact Curt Allsop at 702.733.7500 x 279 or by email at Curt.Allsop@grubb-ellis.com
6. PA R K H I G H L A N D S 4
EXECUTIVE SUMMARY
General
Park Highlands is one of the few remaining large land assemblages available for purchase in the western United States.
OVERVIEW
GENERAL
Originally owned by the federal government, this property was sold in a BLM auction at a price of $675 million in Novem-
ber of 2005. The assemblage consists of 2,675 total acres ideally located at the foothills of the mountains in the northern
portion of the Las Vegas Valley. General access to Park Highlands is provided by two major freeways that lead to the Strip
and all major employment areas. Direct access to Park Highlands is provided by the recently completed North 5th corridor
and freeway interchange along with two additional freeway interchanges. Plans are in place to construct one more inter-
change to further improve direct access.
Open Space
Unlike other master planned communities, Park Highlands includes several natural land preserves totaling over 500 acres
of open space. These preserves provide unique park like amenities that will include integrated trail systems for residents of
the master planned community. A high percentage of the homes to be built will be contiguous with preserved land which
will create significant lot premium opportunities.
Year End Absolute Auction - No Stalking Horse
A once in a lifetime investment opportunity has been created through the 363 Bankruptcy auction to be held on December
the 12th, 2011. The live absolute auction will allow 1,340 acres, the most significant portion of Park Highlands, to be sold to
the highest qualified bidder; there is no Stalking Horse bid. This year-end deal creates the ability for a new owner to control
one of the the biggest developments in Las Vegas for the next decade and beyond.
Existing Development Agreement, New Owner
Recent input from the City of North Las Vegas has unveiled the City’s willingness to partner with a new owner and begin
the process of assigning warranted zone changes within the existing framework of the current Development Agreement.
These include the density reduction plans that will make Park Highlands similar to Aliante. A new Active Adult community
is one example of a warranted change to the development agreement that will facilitate end user development sooner
rather than later.
Limited Annual Carry Costs
The City is open to the idea of modifying the Development Agreement, which is the only Contract that runs with the land.
Because the Development Agreement is the only contract that runs with the land, the annual costs of carry for ownership
of the 1,340 acres is limited to payment of Clark County property taxes. Specific detail for the real property represented by
147 parcels regarding infrastructure and carry costs can be found in the overview of parcels section of this Offering Memo-
randum on pages 17-58.
7. PA R K H I G H L A N D S 5
INTRODUCTION
You are invited to the Virtual Deal Room that has been established to inform Buyers interested in the Purchase of the
OVERVIEW
Real Property owned by November 2005 Land Investors LLC. Access to the Virtual Deal Room will provide the required
GENERAL
procedures that need to be followed in order to attend and bid at the 363 Bankruptcy auction held on December the 12th
of this year.
This property will be sold, and will close by year end.
Also to be provided in the Virtual deal room are the following items:
1. Complete Offering Memorandum
2. All Due Diligence items available for download
3. Contract for Sale with timing for comments, and or objections, and further instructions for bidding
4. Bankruptcy Court Approved Bid Procedures, Notice of Sale, and Notice of Assumption
5. Participation Requirements and appropriate Contact information
6. The City of North Las Vegas Development Agreement
7. Input from the City regarding potential variances to the Development Agreement
8. Correspondence regarding recently completed offsite development
9. 24 aerial photographs that document development progress (Flight - October 13, 2011)
10. Individual parcel analysis, carry costs, preliminary title report, and recent market data
We encourage each of you, as interested parties, to contact us directly with questions regarding the collateral and/or
any procedural issues related to the auction.
8. PA R K H I G H L A N D S 6
INVESTMENT HIGHLIGHTS
Development Agreement is Flexible
1. Down zoning from High Density Residential of 50 to 25 dwelling units per acre (DU/AC) to Low Density Residential
OVERVIEW
GENERAL
is supported by the City of North Las Vegas.
2. Reference the Parcel Analysis on pages 17 - 58 for new development opportunities that are created through mod-
est changes to the Development Agreement.
3. Modifications may be approved by the City Manager without the requirement of a City Council Hearing.
4. Density reductions will allow modifications and reductions to the Park and Public Facilities requirements.
A detailed Analysis of the Development Agreement is provided in the Annual Carry Cost section that follows this
section.
Strong End User Interest - New Active Adult Community
1. Shortage of Master Planned Communities for Active Adults creates a development opportunity not previously
anticipated in the underwriting for Park Highlands. See map of Active Adult Communities below.
2. Land Funds seek alliances
with Home Builders.
3. Home Builders are buying
raw land today.
4. Commercial Developers are
land banking large parcels of
land.
5. The average price per acre
for all land sales greater than
20 acres is $108,713. This
average is based on 16 land
sales that have transacted
over the last year in the
northern portion of the Las
Vegas valley.*
5. Sales Comps for homes sup-
port premiums as much as
50% when comparing master
planned communities with
homes that are not in a Mas-
ter Plan, reference Single
Family Residence sales
comps.*
* See comps in Section 4 pages 60 - 61 Active Adult Community Map
