San Joaquin Valley Homes and Presidio Residential Capital Close on New Development in Hanford, Calif.
Thursday November 19, 2020
Central Valley Developer to Build 208 Single-Family Homes
HANFORD, Calif. – San Joaquin Valley Homes (SJV Homes) and Presidio Residential Capital recently closed on land in Hanford, Calif., to build Live Oak, a new master-planned community. Located in south Hanford on 12th Avenue between Hume Avenue and Houston Avenue, Live Oak will eventually consist of a total of 578 homes, a community park and open space.
The first two neighborhoods, Sterling Oaks and Hidden Oaks, will feature 208 new single-family detached homes. Model construction at both communities is planned to begin in February 2021 with completion scheduled for late spring. The total estimated value of these two neighborhoods is $62 million.
“We love to build in Hanford to provide much-needed housing to its residents. These two communities offer an array of homes for people purchasing their first home or moving up to accommodate growing families,” said Danny Garcia, vice president of sales at SJV Homes. “Hanford provides convenient access to jobs, entertainment and businesses while providing lovely, small-town charm.”
Sterling Oaks will offer 104 homes ranging from 1,443 to 2,803 square feet on up to 10,000-square-foot lots. There will be six floor plans featuring amenities such as nine-foot ceilings, a composite roof, tile flooring, granite countertops and stainless steel appliances. Exteriors will feature traditional architectural styles in Mediterranean, Tuscan and Craftsman. Plans offer three to five bedrooms, two to three bathrooms and two- to three-car garages. Prices will start in the low $300,000s.
At Hidden Oaks, SJV Homes will build 104 new homes with five floor plans on minimum 5,000-square-foot lots. Residents will enjoy such features as covered patios, a composite roof, tile flooring, granite countertops and black appliances in homes ranging from 1,298 to 2,076 square feet. The modern exterior styles feature touches of siding, brick and stone. Prices will start in the mid $200,000s.
Downtown Hanford is about two miles northeast of Sterling Oaks and Hidden Oaks with major retail and services available less than two miles away. The neighborhoods are conveniently located south of highway 198, the major east-west corridor in the area. Agriculture and the Lemoore Naval Air Station drive much of the local economy.
Schools for students living in either community are serviced by Hanford Elementary School District and may attend Martin Luther King Jr. Elementary School and John F. Kennedy Jr. High School. High school students may attend Hanford West High School part of the Hanford Joint Union High School District.
This is SJV Homes’ 28th and 29th joint venture projects with Presidio Residential Capital, a San Diego-based real estate management company.
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 208 single-family homes will generate $59.6 million in local income, $7.48 million in taxes and other revenue for local governments and 819 local jobs.
About San Joaquin Valley Homes
San Joaquin Valley Homes (SJV Homes) is a local homebuilder with deep roots in and a strong commitment to the Central Valley. Founders Joe Leal, Jim Robinson and Randy Merrill share a vision to build quality new homes in carefully planned neighborhoods for people who love the Valley and want lasting value. In 2013, SJV Homes combined forces with Presidio Residential Capital, a real estate management firm in San Diego. It has since closed 2,000 homes and is now one of the busiest homebuilders in the San Joaquin Valley. For more information, please visit www.sjvhomes.com.
About Presidio Residential Capital
Presidio Residential Capital is a real estate management company focused on the residential housing sector. Headquartered in San Diego, California, the firm provides capital in the form of joint ventures for the 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 on the housing industry. The firm’s goal is to invest in excess of $75 million in capital for home-building projects in the Western United States in the next 12 months. It currently has joint ventures in Arizona, California, Nevada and Washington with current committed capital of $250 million focused on 60 plus 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 billion. Online and social media: www.presidioresidential.com, Facebook, Twitter and LinkedIn.