SOURCE: Presidio Residential Capital

Presidio Residential Capital

October 15, 2014 15:17 ET

Presidio Residential Capital and Coastal Community Builders to Build Small Townhome Community in Pismo Beach

.38-Acre Community Will Offer Eight Detached Townhomes Near Beach

PISMO BEACH, CA--(Marketwired - Oct 15, 2014) -  Presidio Residential Capital has partnered with Coastal Community Builders to build Seaside Villas, a $5.43 million .38-acre community with eight detached three-story townhomes at the southwest corner of Dolliver and Stimson Avenue in Pismo Beach. Groundbreaking is scheduled for April 2015, with a grand opening in late spring or summer of 2015.

"Seaside Villas will offer homes just one block from the beach and two blocks from the downtown area and pier," said Presidio principal Paul Lucatuorto. "Development in Pismo Beach has nearly been non-existent for the past few years and with increasing housing demands on the Central Coast, especially in beach front locations, this development is a perfect option for a variety of buyers."

Seaside Villas will be close to major employers, including PG&E and California Polytechnic State University. Within walking distance of the beach, shops and restaurants, Seaside Villas will also offer easy access to the Amtrak station, San Luis Obispo Airport and SLO Transit. Pismo Beach and the surrounding area offer trails, coastal parks and recreational activities such as fishing and boating.

The townhomes, which will have granite countertops, tile flooring and roof decks, will sit on 762- to 808-square-foot lots.

Coastal Community Builders is the developer, builder and broker for Seaside Villas.

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 $400 million into the economy to capitalize the housing industry. The firm's goal is to fund an additional $600 million in capital for home-building projects in the Western United States, and it currently has investments in California, Idaho, Nevada, Texas 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.

About Coastal Community Builders

Coastal Community Builders is a California development company building on a tradition of value, quality craftsmanship and homeowner satisfaction. Since 1988, under the leadership of owner Gary Grossman, the company has grown from humble beginnings to become a leader in the development and construction of new home communities.