BAKERSFIELD, CA--(Marketwired - Jul 30, 2015) - San Joaquin Valley Homes has broken ground on Tuscany, three communities totaling 212 single-family homes on 66.5 acres in northwest Bakersfield, Calif., with a combined value of approximately $65 million. Homes are being built by SJV Homes on 53 lots in the community.
This will be the seventh project that SJV Homes has developed in a joint venture with Presidio Residential Capital, a San Diego-based real estate investment company, which acquired 116 lots at Tuscany last year in collaboration with Cornerstone Communities.
Land development on the first phase of the project began this summer and model homes will be opening in October with homes starting in the $300,000s.
"We're excited about entering and making a long-term commitment to the Bakersfield market," said Joe Leal, who co-founded SJV Homes two years ago with long-time development partners Jim Robinson, and Randy Merrill. "We've been keeping a close eye on the housing market in Bakersfield, which has been showing significant signs of a stable recovery."
"In recent months, the city has seen record closings and rising home prices," Leal said. "So we believe the timing is right to deliver new homes in Northwest Bakersfield, where attractively priced homes are becoming increasingly difficult to find because of the high demand in this desirable area."
Tuscany, at the northwest corner of Hageman Road and Renfro Road in Bakersfield, will offer five floorplans ranging from 2,219 to 3,205 square feet on home sites ranging from 8,400 to 13,000 square feet. The Italian, Tuscan and French Country homes will feature two and three-car garages, granite kitchen and bath counters, custom maple cabinetry, stainless steel appliances, designer lighting and hardware packages and flexible room options including casita or guest suite.
Tuscany is located within the well-established and sought-after Rosedale School District and is close to the popular Northwest Promenade shopping center as well as major employers including Giumarra Farms, Grimmway Farms, Wm. Bolthouse Farms and Chevron. The location offers easy access to freeways, Amtrak stations and the Meadows Field Airport.
According to the National Association of Home Builders' formula to determine the local impact of single-family housing in typical metro areas, the community's eight new single-family homes will generate $248,000 in local income and $59,440 in taxes and other revenue for local governments.
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 San Joaquin Valley residents. Founders Joe Leal, Jim Robinson and Randy Merrill share a vision of delivering excellence through every level of building, delivering wonderful homes in great neighborhoods. In 2013, SJV Homes combined forces with Presidio Residential Capital and now controls approximately 1,500 lots in the San Joaquin Valley. SJV Homes has committed $68.5 million to build five new communities with a total of 751 new homes in this underserved area of Central California. www.sjvhomes.com