COWAN
ROAD
TOWNHOMES
100% FEE-SIMPLE • FOR-SALE
54 townhouses across two coordinated Cowan Road phases.
Acworth, Georgia
28
NORTH
+
26
SOUTH
54
TOTAL
PRELIMINARY PITCH DECK • AUGUST 2026
BLACK TIMBER
PROGRAM OVERVIEW
One ownership strategy. Two phases. 54 for-sale homes.
The current Cowan Road concept is intentionally simple: every proposed residence is an attached, fee-simple townhouse offered for sale. The North and South plats read as one coordinated program under a single ownership strategy.
54
PROPOSED HOMES
24.16
GROSS ACRES
10.71
NET USABLE ACRES
2
COORDINATED PHASES
BLACK TIMBER PRODUCT
Private-entry character with a premium neighborhood feel.
01
FEE-SIMPLE / FOR-SALE
Individual ownership across both phases
02
26' × 50' MODULE
Attached townhouse footprint shown
03
TWO-CAR GARAGE
Rear-loaded garage condition shown
Preliminary program only; architecture, pricing, infrastructure and final unit yield remain subject to design and approvals.
BLACK TIMBER | COWAN ROAD TOWNHOMES
02
COORDINATED SITE PROGRAM
Both Cowan Road phases carry the same fee-simple, for-sale designation.
COWAN NORTH • 28 HOMES
17.69 gross acres • 6.35 net acres
COWAN SOUTH • 26 HOMES
6.47 gross acres • 4.36 net acres
ONE LEGEND: FEE-SIMPLE / FOR-SALE
Preliminary civil plans; exact geometry and yield remain subject to final design and approvals.
BLACK TIMBER | COWAN ROAD TOWNHOMES
03
COWAN NORTH
28 for-sale townhouses organized in three residential clusters.
10 homes west + 8 homes central + 10 homes east
NORTH PHASE
28
PROPOSED HOMES
17.69 AC
Gross site area
6.35 AC
Net lot area
38
Units allowed by net density
10
Unallocated density capacity
FEE-SIMPLE • FOR-SALE
The plat shows individual townhouse lots and two-car garages. The 10-unit difference is theoretical density capacity—not additional homes included in the current 28-unit plan.
BLACK TIMBER | COWAN ROAD TOWNHOMES
04
COWAN SOUTH
A complete 26-home, fee-simple phase with no product mixing.
26 attached townhouses shown on individual fee-simple lots
SOUTH PHASE
26
PROPOSED HOMES
6.47 AC
Gross site area
4.36 AC
Net lot area
26
Units allowed by net density
26' × 50'
Attached townhouse module
FEE-SIMPLE • FOR-SALE
The South plat is planned at its stated 26-unit net-density allowance. Final yield, architecture and infrastructure remain subject to civil design and approvals.
BLACK TIMBER | COWAN ROAD TOWNHOMES
05
SALES POSITIONING
A $550K base case sits inside Downtown Acworth’s premium townhome set.
NEARBY ACWORTH TOWNHOME EVIDENCE
$550K TARGET
2514 Acacia Walk
SOLD 5/22/26 • 2,026 SF • $185/SF
$375K
4937 Jatoba Road
SOLD 5/29/26 • 2,125 SF • $194/SF
$413K
4474 Lemon Street
PENDING • 2,278 SF • $219/SF
$499K
4466 Lemon Street
ACTIVE • 2,314 SF • $238/SF
$550K
4216 Legacy Lane
SOLD 5/20/26 • 2,297 SF • $261/SF
$600K
4476 Lemon Street
SOLD 5/29/26 • 2,764 SF • $271/SF
$750K
$350K
$450K
$550K
$650K
$750K
PRELIMINARY BASE CASE
$550K
PER HOME
$499K–$600K
core premium evidence
$375K–$413K
mass-market new-townhome set
$750K
highly upgraded end-unit outlier
Read-through: $550K is supportable only if final size, architecture and finish compete with the premium Downtown Acworth set.
BLACK TIMBER | COWAN ROAD TOWNHOMES
06
DIRECT PROJECT ECONOMICS
$550K per home produces $8.27M of gross profit on a combined acquisition.
DIRECT BASIS → GROSS SALES
$29.70M GROSS SALES
$2.80M
LAND
$5.13M
DEVELOPMENT
$13.50M
CONSTRUCTION
$8.27M
GROSS PROFIT
BASE-CASE GROSS PROFIT
$8.27M
$153K PER HOME
$396.9K
Direct basis per home
27.8%
Gross margin on sales
38.6%
Gross profit / direct basis
Buying North + South together saves $200K of land basis versus two separate $1.5M purchases.
Direct-cost view only. Excludes financing, soft costs, permits/impact fees beyond stated development cost, contingency, commissions, closing costs, taxes, overhead and warranty.
BLACK TIMBER | COWAN ROAD TOWNHOMES
07
PHASE ECONOMICS + SENSITIVITY
Both phases pencil at $550K; pricing is the primary swing factor.
IF PURCHASED SEPARATELY
NORTH
SOUTH
Homes
28
26
Land
$1.50M
$1.50M
Direct basis
$11.16M
$10.47M
Gross sales @ $550K
$15.40M
$14.30M
Gross profit
$4.24M
$3.83M
Gross margin
27.5%
26.8%
SEPARATE-PURCHASE TOTAL GROSS PROFIT • $8.07M
COMBINED PURCHASE PRICE SENSITIVITY
SALE PRICE
GROSS PROFIT
MARGIN
PROFIT / BASIS
$525K
$6.92M
24.4%
32.3%
$550K
$8.27M
27.8%
38.6%
$575K
$9.62M
31.0%
44.9%
$600K
$10.97M
33.9%
51.2%
Combined direct basis: $21.43M • Hard-cost breakeven: $396.9K / home
Gross-profit estimates exclude financing, soft costs, contingency, commissions, closing costs, taxes, overhead and warranty.
BLACK TIMBER | COWAN ROAD TOWNHOMES
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