Bellevue Montgomery

• Missing Middle housing.  23 townhomes, duplex + 4-plex units

• Affordable.  Rents planned at 80% AMI

• Additional phases.  For a total of 67 units

• Underway.  Purchase + sale agreement executed

• Cost.  $3.6M total project cost

• Deferred real estate taxes.  Project awarded a 10-year PILOT, 75% deferral

• Completion.  Q1 2026 anticipated completion for Phase 1

Bellevue Montgomery is a multifamily project planned for an infill site at 272 N Bellevue in Midtown Memphis, Tennessee, adjacent to the Memphis Medical District. But, even at the convergence of Downtown, Crosstown, and Midtown, the area does not have sufficient housing to fill the need. The Company intends to address this gap in the Medical District with much-needed "Missing Middle" housing.

The Company is raising funds for the first phase of a three-phase project that will ultimately yield approximately 67 cottages, duplexes, and 4-plexes for rent. A mix of 23 units is planned for this first phase, with 11 more in Phase 2 and a final 33 units in Phase 3.  Rents are planned at or below 80% Area Median Income (AMI) rates for the area.

We have created a mathematical calculation based on our current assumptions about the Project's completion and operations. We estimate that net cash flow for the Project will grow from approximately $38,054 in year one to $63,719 in year five when we anticipate a capital event for the Project. Cash flow and profits from liquidation are expected to net a total of $1,726,984 over the five-year period. Our calculation shows that a $5,000 investment might return $11,452 over that period.

Some of our assumptions will prove to be inaccurate, possibly for the reasons described in the Risks of Investing exhibit. Therefore, the results of investing illustrated in our calculation are likely to differ in reality, for better or for worse, possibly by a large amount.
 

Scott Kern is the founder and President of KPS Development Partners, the developer of this pocket neighborhood. Scott  started his career working as development intern for LendLease/ERE Yarmouth on the 1997 redevelopment of FashionValley Mall in San Diego, CA. Since then, he has spent the last 23 years working in the retail and mixed-use development industry; most recently as the Sr. Vice President of Development and COO of Poag Shopping Center. In 2019, Mr. Kern launched KRN Development, LLC, a full-service commercial real estate development company. In 2022, KPS Development Partners was launched as a new joint venture between Scott and partners Josh Poag, and David Selberg.

Mr. Kern earned a Bachelor of Arts in Environmental Design from San Diego State University. He is a member of the International Council of Shopping Centers and the Urban Land Institute. Additionally, he has served on the board of Baja Bound Ministries since 2018. Baja Bound is a non- profit organization that builds homes for the working poor in Baja, California.

The Company is engaged in a Regulation Crowdfunding (Reg CF) offering (the “Offering”) to raise money for the first phase of a multifamily project at 272 N Bellevue in Midtown Memphis, Tennessee.

We are trying to raise a maximum of $603,000, but we will move forward with the Project and use investor funds if we are able to raise at least $200,000 (the “Target Amount”). If we have not raised at least the Target Amount by 11:59 pm EST on April 30, 2025, (the “Target Date”), we will terminate the Offering and return 100% of their money to anyone who has subscribed.

The minimum you can invest in the Offering is $1,000. Investments above $1,000 may be made in $1,000 increments (e.g., $2,000 or $3,000, but not $1,136). An investor may cancel his or her commitment up until 11:59 pm EST on April 28, 2025 (i.e., two days before the Target Date). If we have raised at least the Target Amount we might decide to accept the funds and admit investors to the Company before the Target Date; in that case we will notify you and give you the right to cancel.

After we accept the funds and admit investors to the Company, whether on the Target Date or before, we will continue the Offering until we have raised the maximum amount.

You can view the registered offering on the SEC website. Investments under Reg CF are offered by NSSC Funding Portal, LLC, a licensed funding portal.
 

A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment.

In making an investment decision, Investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document.

The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature.

These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.

There are numerous risks to consider when making an investment such as this one and financial projections are just that - projections. Returns are not guaranteed. Conditions that may affect your investment include unforeseen construction costs, changes in market conditions, and potential disasters that are not covered by insurance. Please review the Risks of Investing exhibit for a more expansive list of potential risks associated with an investment in this Company.