San Joaquin Valley Homes And Presidio Residential Capital To Build Two Neighborhoods Offering 218 Single-Family Homes In Visalia, CA
Wednesday March 28, 2018
VISALIA, Calif. – San Joaquin Valley Homes (SJV Homes) and Presidio Residential Capital have closed on 29 acres (151 lots) and plans to close an additional 19 acres (67 lots) next year in Visalia, Calif. The joint venture partners will build two new residential communities, Greystone and Ashton Park, totaling 218 detached single-family homes priced from the mid-$200,000s.
These homes are scheduled to break ground next 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.
“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 SJV 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 in size from 6,800 to 8,200 square feet with some premium lots over 10,000 square feet. Ashton Park will offer 91 garden homes with three floor plans ranging from 1,297 to 1,597 square feet on lots ranging in size from 4,700 to 6,000 square feet. These homes will feature nine-foot ceilings, pitched tile roofs, tile flooring, granite countertops, stainless appliances and two-car garages.
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 this past year. These new residential neighborhoods are located less than four miles from downtown and about four miles east of State Route 99, a major transportation corridor that connects Fresno to the north and Bakersfield to the south.
Founded in 2013 by Joe Leal, Jim Robinson and Randy Merrill, SJV Homes closed on its 1,000th home in late December 2017, making it one of the region’s most active homebuilders.
The Visalia communities are SJV Homes’ 17th and 18th joint venture projects 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 the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 218 single-family homes will generate $63.7 million in local income, $7.9 million in taxes and other revenue for local governments and 875 local jobs.
About SJV Homes
Deeply rooted in residential construction, the founders of Visalia, California-based San Joaquin Valley Homes have built thousands of quality homes and attractive neighborhoods for Central Valley residents. Founders Joe Leal, Jim Robinson and Randy Merrill share a vision of providing excellence through every level of building, delivering wonderful homes in great neighborhoods. In 2013, SJV Homes combined forces with Presidio Residential Capital, a real estate investment company based in San Diego.
Presidio Residential Capital is a real estate investment company focused on the residential housing sector. Headquartered in San Diego, California, the firm provides capital in the form of joint ventures for the entitlement, development and build-out of for-sale residential projects throughout the Western United States. Presidio has infused more than $1 billion into the economy to capitalize the housing industry. The firm’s goal is to invest in excess of $150 million in capital for home-building projects in the Western United States in the next 12 months. It currently has investments in Arizona, California, Nevada, Colorado and Washington with current committed capital of $800 million focused on 100+ projects. The firm is affiliated with a privately held registered investment advisor specializing in alternative investment strategies who has a long history of investing in the home-building sector. Current assets under management total more than $2.5 billion. Online and social media: www.presidioresidential.com, Facebook Twitter and LinkedIn.