Friday April 6, 2018
VISALIA, CA—Facing Bay Area land scarcity and steep pricing, residential builders have found a good alternative in the Central Valley south of Fresno and 200 miles from the Bay Area. San Joaquin Valley Homes and Presidio Residential Capital have closed on 29 acres (151 lots) and plan to close an additional 19 acres (67 lots) next year.
The joint venture partners will build two new residential communities, Greystone and Ashton Park, totaling 221 detached single-family homes priced from the mid-$200,000s. These homes are scheduled to break ground this month and the neighborhoods are expected to be open for sale by early 2019. The retail value of this project is estimated to exceed $52 million.
The new communities are located on the northeast corner of West Riggin Avenue and North Akers Street across the street from the new Ridgeview Middle School, which just opened in the past year. The neighborhoods will be located less than 4 miles from downtown and about 4 miles east of State Route 99, a transportation corridor that connects Fresno to the north and Bakersfield to the south.
“Ideally located on prime Visalia land in the Northwest with easy access to excellent schools, these communities will be extremely appealing to first-time and move-up buyers, and young families,” said Danny Garcia, vice president of sales at San Joaquin Valley Homes. “We’re thrilled to provide high-quality housing at affordable prices in our hometown.”
Greystone will offer 127 traditional homes with six floor plans ranging from 1,658 to 3,205 square feet on lots ranging from 6,800 to 8,200 square feet with some premium lots of more than 10,000 square feet. Ashton Park will offer 94 garden homes with three floor plans ranging from 1,297 to 1,597 square feet on lots ranging from 4,700 to 6,000 square feet. The homes will feature 9-foot ceilings, pitched tile roofs, tile flooring, granite countertops, stainless appliances and two-car garages.
“The location/land is prime. It’s better than anything currently in Northwest Visalia. Everyone wants to buy in this specific area of Visalia,” Lisa Walker, director of marketing for San Joaquin Valley Homes, tells GlobeSt.com. “It’s in the best elementary district and amenities will be high end.”
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 221 single-family homes will generate more than $63 million in local income, approximately $8 million in taxes and other revenue for local governments, and 875 local jobs.
The Visalia communities are San Joaquin Valley Homes’ 17th and 18th joint venture projects with Presidio Residential Capital, a San Diego-based real estate investment company that funds 100% of the projects and operations of San Joaquin Valley Homes.