Offering Size-$3,106,115

Deer Creek Pistachio Orchard

  • 10.2%

    Target Net IRR

  • 9.2%

    Net Cash Yield

  • 2.2x

    Net Equity Multiple

  • 10 years

    Target Hold

  • 35.0%

    LTV Ratio

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Deer Creek is comprised of 81 contiguous acres in Tulare County, California, approximately 43 miles south of our Garcia Organic Mandarin Grove in Orosi, California. We have excellent operators identified in the area, and we are finalizing our selection of which of these operators will farm Deer Creek. Of the 81 gross acres, approximately 77 are planted to Kerman variety pistachios. The trees were planted in 2015 but were budded in 2016, giving them an effective age of 5 years.

This deal is modeled as a 10-year hold with a net IRR of 10.2%, a net average cash yield of 9.2%, and a multiple on invested capital of 2.2x. Net cash yield averages 5.0% in the first five years and 13.4% in the remaining five years. The purchase price is $3,000,000, or $200,000 (6.25%) below the listed asking price. At exit, we believe this will be attractive to large growers and investors.

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