San Joaquin Valley Homes and Presidio Residential Capital to build 142 homes
• Positioned as a “move-up” development
San Joaquin Valley Homes and Presidio Residential Capital plan to build a new community called Bella Vista – a 142-home neighborhood located on 41 acres in Northern Hanford, the companies say.
The retail value of this project is approximately $35 million.
“Hanford is experiencing a historically low inventory of existing homes on the market, and demand for new houses is strong,” says Danny Garcia, vice president of sales at SJV Homes. “The wide range of floor plans will appeal to everyone from move-up buyers and growing families to people who are looking to downsize. We expect these homes to sell quickly once they go on the market.”
Bella Vista will feature detached single-level homes that range in size from 1,658 to 3,205 square feet on lots up to 18,000 square feet. SJV Homes expects to begin model home construction in February 2018. New homes at Bella Vista are expected to be open for sale in late spring 2018.
Founded in 2013 by Joe Leal, Jim Robinson and Randy Merrill, SJV Homes sold its 1,000th home in September making it one of the Valley’s most active homebuilders. Bella Vista is SJV Homes’ 15th joint venture project with Presidio Residential Capital, a San Diego-based real estate investment company that funds 100 percent of the projects and operations of SJV Homes.
According to SJV Homes, adding 142 single-family homes will generate $40.75 million in local income, $5.1 million in taxes and other revenue for local governments and 559 local jobs. It says the figures are based on the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas.