Thaxton Corner — Investor Deal Room

Investment Thesis

Why Thaxton Corner

🏙️ Institutional Validation of the Corridor

NRP Group — one of the nation's largest affordable housing developers — has two adjacent developments under construction and under contract. M/I Homes, a national top-10 homebuilder, is actively building a single-family community immediately to the west. This level of institutional capital at one intersection confirms the thesis at the highest possible level.

📍 Hard Corner in a Supply-Constrained Market

The SW corner of Slaughter Lane and Thaxton Road sits at a signalized intersection with dual-frontage access. Comparable hard-corner pads in Austin's south and southwest corridors are trading at $600K–$1.2M/acre — making this ~$660K/acre basis deeply attractive relative to the exit pricing of individual pads within the development.

🚀 Mixed-Use Demand Across All Product Types

The site supports a programmatic mix of multifamily, quick-service restaurant pads (QSR), and neighborhood retail — each with its own demand driver. QSR tenants (Dutch Bros, 7Brew, Chick-fil-A) are actively pursuing pad sites in this submarket. NRP Group is a motivated potential MF land buyer given their existing adjacent investment.

Property Overview

Site Specifications

Address

SW Corner Slaughter Ln & Thaxton Rd

City/County

Austin, TX / Travis County

Site Area

~9.8512 Acres

Survey

Santiago Del Valle Survey, Abstract No. 24

Purchase Price

$6,500,000 ($660K/ac)

Deed Type

Special Warranty Deed

Max IC

Up to 65% (on-site WQ required)

Frontage

Slaughter Ln + Thaxton Rd dual-frontage

Access

2 driveways (Thaxton @ 600ft from corner + Slaughter Ln)

Deal Structure

Distribution Waterfall

Distribution Waterfall — BBM 2025 LLC

Tier 1 — Return of Capital100% to Investors

Tier 2 — 8% Preferred Return100% to LP (non-compounding)

Tier 3 — Promote (above pref + ROC)75% GP / 25% LP

Equity Ownership95% LP / 5% GP

Acquisition Fee2% of Purchase Price

Disposition Fee1% of Gross Sales

Asset Mgmt Fee1%/yr of LP Capital

LeverageTarget 60% LTV

The 8% preferred return accrues non-compounding from close. The GP does not participate in profits until LPs receive full return of capital plus the 8% preferred return. The promote is structured to align GP incentives with LP outcomes.

Market Context

Adjacent Development Activity

🏢

NRP Group — Belmont MF (Active Construction)

NRP Group, one of the nation's largest affordable housing developers, acquired Belmont MF at Slaughter Park (Lot 1) from BBM in February 2026 and is actively under construction directly adjacent to the west. BBM has an established relationship with NRP Group — making them a natural buyer for Thaxton's multifamily tract.

🏗️

NRP Group — Preakness MF (Q3 2026 Groundbreaking)

A second NRP Group multifamily development at Slaughter Park (Lot 3) is scheduled to break ground Q3 2026, further cementing institutional confidence in this exact corridor. NRP's continued investment validates Thaxton's multifamily demand profile.

🏠

M/I Homes — Single-Family Development (Under Construction)

M/I Homes, a top-10 national homebuilder with $4B+ in annual revenue, is actively building a single-family community immediately to the west of Thaxton Corner. The rooftop density from M/I Homes directly supports QSR and retail demand on the Thaxton Corner pads.

📈

Slaughter Ln Corridor — South Austin Growth Story

The Slaughter Lane/FM 1626 corridor in South Austin has absorbed significant residential growth from South and Southwest Austin's expansion. Traffic counts, retail absorption, and household income levels in this submarket support QSR and neighborhood retail at 5.5–6% cap rates.

Transaction Timeline

Key Milestones

Feb 3, 2026

PSA Effective Date — Signed by Both Parties

$55K earnest money + $5K independent consideration (non-refundable)

March–April 2026

Due Diligence — Active Phase

ALTA survey, title review, engineering, traffic, environmental

April 29, 2026

Extension Notice Deadline

Written notice required ≥5 days before feasibility expiry · $10K extension fee due within 3 days of notice

May 4, 2026

Initial Feasibility Period Expires

90 days from Effective Date

2026–2027

Entitlement, Engineering & Subdivision

Concept plan, plat, utility coordination, pad sites platted

2027+

Pad Sales & MF Land Sale

QSR pads sold individually; MF tract to institutional buyer

Sponsor Team

BBM 2025 LLC

Craig Biggar

Manager, BBM 2025 LLC

Craig Biggar serves as the managing member of BBM 2025 LLC, leading deal sourcing, entitlement strategy, and investor relations for the Thaxton Corner opportunity. BBM's track record in the Slaughter Park corridor — including the successful Belmont MF sale to NRP Group — demonstrates the team's ability to identify, entitle, and execute on suburban Austin land transactions.

Highside Real Estate (HSRE)

Asset Management & Development Operations

Highside Real Estate provides asset management and development operations support. HSRE's principals bring deep experience in commercial real estate finance, deal structuring, and South/Southwest Austin market dynamics, including prior work at Merrill Lynch, medical device manufacturing, and entrepreneurial ventures.

Legal — Kutak Rock LLP

Real Estate Counsel

BBM is represented by Kutak Rock LLP, a national law firm with a leading real estate practice. Austin-based attorneys handle PSA review, title objections, entitlement counsel, and closing matters.

Important Disclosures — Regulation D Private Placement

THIS DOCUMENT IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. Any offering of securities will be made only pursuant to a private placement memorandum (PPM) and subscription documents, which contain important information about the risks and terms of any investment.

BBM 2025 LLC intends to offer interests pursuant to Regulation D under the Securities Act of 1933, as amended ("Securities Act"). These securities have not been registered under the Securities Act or applicable state securities laws. There can be no assurance that any target returns, IRRs, or projections stated herein will be achieved. Past performance is not indicative of future results.

Projected returns (including the 24.6% LP IRR) are forward-looking estimates based on current market assumptions, development costs, and anticipated exit values. Actual results may differ materially. Real estate investments are inherently speculative, illiquid, and subject to significant risks including market downturns, regulatory changes, construction cost overruns, financing unavailability, and other factors beyond the control of the Sponsor.

This offering is available only to "accredited investors" as defined under Rule 501 of Regulation D. Participation in this offering involves significant risk of loss of some or all invested capital. Prospective investors should carefully review the PPM and consult with their own independent legal, tax, and financial advisors before making an investment decision.