SOURCE: Presidio Residential Capital

Presidio Residential Capital

April 13, 2015 12:30 ET

Presidio Residential Capital Closes 31 Real Estate Transactions Totaling $220 Million in California, Washington and Nevada in 2014

Private Equity Fund Shows Strong Presence in California, Makes Major Push Into Growing Urban Markets of Seattle, Denver and Las Vegas

SAN DIEGO, CA--(Marketwired - Apr 13, 2015) - As residential real estate in the Western United States continued to recover last year, Presidio Residential Capital showed strong presence in major markets in 2014, funding 31 projects totaling approximately $220 million in committed capital located in California and Washington and growing urban markets including Denver, Las Vegas and Seattle.

"2014 was an incredibly exciting year for Presidio," said Paul Lucatuorto, co-principal at Presidio Residential. "Our success points directly to our strong builder/developer relationships. Presidio's partners are among the absolute best within their local markets and their performance thus far has proven that. In 2015, we look forward to continuing to foster these relationships while seeking new partners on a selective basis."

The private equity fund, which has provided more than $500 million in joint-venture equity and loans to residential homebuilders since 2010, has already committed another $57.3 million to option entitlement deals for 2,426 units in California in 2015.

Presidio's philosophy of working hand-in-hand with local builders/developers and its personal approach to business in a relaxed, congenial culture has been one of the keys to the company's success.

"Presidio understands the markets it's in and has focused on working with operators who have strengths in those markets," said Michael E. Paris, founder, president and CFO of BlackPine Communities in Sacramento. "When I began working with Presidio on our first project, Curtis Park Village, the principals were truly interested in getting to know me, my vision and my business plan. We speak a common language, and they're not Wall Street types."

Ure R. Kretowicz, chairman and CEO of Cornerstone Communities in San Diego, said Presidio's deep experience in and understanding of the local market has been invaluable throughout good times and bad.

"This is a cyclical market, and even a rising market will have its challenges," he said. "It's great to know we're with a partner who has seen it all."

A breakdown of committed capital by region of Presidio's 2014 investments with the company's joint venture partners is outlined below:

Central Valley/Sacramento ($28.5 million)
Blackpine Communities, The Creamery, Sacramento, CA, 117 units
WATT Communities, Woodbury, Fair Oaks, CA, 17 units

Central Coast ($42.5 million)
Coastal Community Builders, Templeton Ranch, Templeton, CA, 107 units
Coastal Community Builders, The Village at Pacific West, Pismo Beach, CA, 36 units
Coastal Community Builders, Bellaserra, Arroyo Grande, CA, 11 units
Coastal Community Builders, San Luis Ranch, San Luis Obispo, CA, 463 units
Coastal Community Builders, The Terraces at Las Ventana, Santa Maria, CA, 36 units

Denver ($12.8 million)
Meritage Homes, Richards Farm, Denver, 125 units (land bank)

Las Vegas ($13.2 million)
Summit Homes of Nevada, Shadow Pointe, Las Vegas, 36 units
Summit Homes of Nevada, Willow Ridge, Las Vegas, 36 units
Summit Homes of Nevada, Canyon View, Las Vegas, 16 units

Santa Clara County/Silicon Valley ($1.1 million)
MANA Investments, Alcini, Morgan Hill, CA, 15 units (entitlement)

San Diego ($19.7 million)
Cornerstone Communities, Carlton Oaks, Santee, CA, 240 units (entitlement)
Cornerstone Communities, Pacific Ridge, Oceanside, CA, 330 units
MANA Investments, Carlsbad 9, Carlsbad, CA, 8 units (entitlement)

San Fernando Valley/Los Angeles ($17.6 million)
WATT Communities, AutumnWood, Antelope, CA, 46 units
Williams Homes, Phantom Trail, Santa Clarita, CA, 29 units
Williams Homes, Foothills, Sylmar, CA, 74 units

San Francisco/Marin County ($12.2 million)
Lafferty Communities, Lucas Valley, Marinwood, CA, 28 units (entitlement)
Lafferty Communities, Amber Fields, Brentwood, CA, 36 units
 MANA Investments, Marin Bluffs, Corta Madera, CA, 46 units (entitlement)

San Joaquin Valley ($15.9 million)
Cornerstone Communities, Tuscany Village, Bakersfield, CA 116 units, $7.7 million
San Joaquin Valley Homes, Ellis Ranch, Visalia, CA, 95 units, $8.2 million

Seattle/Washington ($56.3 million)
Summit Homes of Washington, Cedarbrook, Seattle, 9 units
Summit Homes of Washington, Pickering Estates, Seattle, 20 units
Summit Homes of Washington, Puget Meadows, Seattle, 37 units
Summit Homes of Washington, Ivy Estates, Seattle, 9 units
Summit Homes of Washington, Copper Ridge, Seattle, 15 units
Summit Homes of Washington, Brickyard Ridge, Seattle, 13 units
Summit Homes of Washington, Forest Heights, Issaquah, Wash., 24 units
Summit Homes of Washington, Jazz Run, Issaquah, Wash., 11 units

About Presidio
Presidio Residential Capital is a real estate investment company focused on the residential housing sector. Headquartered in San Diego, Calif., the firm provides capital for the entitlement, development and build-out of for-sale residential projects throughout the Western United States. Presidio has infused more than $500 million into the economy to capitalize the housing industry. The firm's goal is to fund an additional $500 million in capital for home-building projects in the Western United States, and it currently has investments in Arizona, California, Colorado, Nevada, and Washington. 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. Presidio is a member of the Building Industry Association of San Diego. Online and social media: www.presidioresidential.com, Facebook, Twitter and LinkedIn