WAYLON’S

RESERVE

BY BLACK TIMBER

360-UNIT BUILD-TO-RENT COMMUNITY

Acworth, Georgia

360

UNITS

27.56

ACRES

13.06

UNITS / ACRE

INVESTMENT TEASER • PRELIMINARY & CONFIDENTIAL • AUGUST 2026

BLACK TIMBER

INVESTMENT THESIS

A rental community that feels like a neighborhood.

Waylon’s Reserve pairs efficient build-to-rent density with landscaped courtyards and shared outdoor rooms—creating a premium resident experience without the institutional feel of a conventional apartment complex.

360

RENTAL UNITS

27.56

ACRES

13.06

UNITS / ACRE

RESIDENT EXPERIENCE

The site plan organizes daily life around a connected amenity network.

Rear-loaded homes with courtyard-facing front doors

Central lawn, resort-style pool and outdoor lounge

Clubhouse with resident lounge and co-working

Pocket parks, dog park and pedestrian connections

POSITIONING

Premium rental housing with a neighborhood feel.

BLACK TIMBER | WAYLON’S RESERVE

02

CONCEPTUAL SITE PLAN

Density is organized around courtyards, a central amenity spine and preserved edges.

360

PROPOSED UNITS

180

24' × 60' PADS

2

UNITS / PAD

PLANNING LOGIC

Rear-loaded buildings place front doors on landscaped courtyards.

A central lawn, clubhouse and pool create a clear community heart.

Guest parking is distributed rather than concentrated at one edge.

Detention and perimeter buffers are integrated into the open-space framework.

CONCEPT ONLY

Final yield remains subject to civil, utilities, stormwater, buffers, topography and approvals.

BLACK TIMBER | WAYLON’S RESERVE

03

PRELIMINARY UNDERWRITING

The supplied basis implies a 9.34% stabilized yield and $28.54M of gross value spread.

DIRECT BASIS → STABILIZED VALUE

PRELIMINARY DIRECT BASIS

GROSS SPREAD

$113.86M EXIT VALUE @ 7.0%

DIRECT BASIS COMPONENTS

Land acquisition

$6.30M

Horizontal development

$15.30M

Vertical construction

$63.72M

STABILIZED PERFORMANCE

Gross potential rent

$10.80M

Effective gross income

$9.72M

Operating expenses

$1.75M

Net operating income

$7.97M

90%

OCCUPANCY

$2,500

AVG. RENT

7.0%

EXIT CAP

$237K basis / unit • $316K value / unit

Excludes financing carry, soft costs, contingency, leasing, taxes, insurance and sale costs unless included in provided inputs.

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ACWORTH BTR RENT POSITIONING

The $2,500 target sits above current smaller product, inside Tranquil’s range and below Cedarcrest.

$2.0K

$2.5K

$3.0K

$3.5K

Summerwell Bells Ferry

2–4 BR • 960–1,539 SF

$2,000–$2,432

Covey Homes Hunter Trail

2–3 BR • 1,305–1,463 SF

$2,169–$2,250

Tranquil Gardens

3–4 BR • 1,724–1,854 SF

$2,474–$2,785

Waylon’s Reserve

Rear-loaded townhomes • size TBD

$2,500 target

Summerwell Cedarcrest

4–5 BR • 2,458–2,655 SF

$3,095–$3,213

READ-THROUGH

The target asks residents to pay a premium to Covey and Bells Ferry while remaining competitive with Tranquil’s larger rental homes.

Base rents observed 8/21/2026. Specials, mandatory fees and availability can change effective rent; directional teaser comps only.

BLACK TIMBER | WAYLON’S RESERVE

05