SOURCE: Presidio Residential Capital
SAN DIEGO, CA--(Marketwired - Jan 28, 2014) - Presidio Residential Capital, working with Pismo Beach-based development company Coastal Community Builders, has committed more than $38.7 million to build nine new communities in the central coast of California. The projects, which range from Santa Maria north to Atascadero, will add 638 new homes to the coast, where housing supply has been tight.
"Our business strategy is to focus on markets that have reasonable barriers to entry and a strong locally based partner," said Presidio Residential Capital Principal Don Faye. "The Central Coast and Coastal Community Builders president Gary Grossman are perfect examples of that."
Presidio has been working with this established local developer who will build the new home communities, which will start opening for sale in the first quarter of 2014 and continue throughout 2015 and beyond.
"Coastal Community Builder's involvement with Presidio has been extremely beneficial," said Dave Daniels, vice president of acquisitions and construction for Coastal Community Builders. "Together, we've been able to purchase and control a large percentage of projects on the Central Coast. Presidio has been extremely helpful, not only in financing, but also in their knowledge, accessibility and thorough investigation of each project from marketing, entitlements and construction aspects. Presidio shares our vision and we're excited to partner with them as the window of opportunity has opened to the building industry here on the Central Coast."
The largest of the communities will be Heritage Square, a 296-home gated community near Santa Maria's highly desirable west edge, which broke ground in September. Model homes will open in July 2014, and sales will begin in March 2014. Located near 10 miles of public beaches and near public parks, restaurants, shopping and other amenities, the 52-acre neighborhood will boast streets lined with mature trees and pathways that lead to a community park and bike paths.
Legacy at La Ventana, which broke ground on October 30, will offer a rural estate feel in Santa Maria as an alternative to surrounding older neighborhoods. The community will feature 120 estate-size 8,000 to 10,000 square-foot lots, dramatic landscaping and a high-end monument entrance. La Ventana will include large landscape setbacks, split-rail fencing, rolled curbs and driveway pilasters. Colonial Ranch, Tuscany and French Country homes will start from 1,600 square feet to 2,400 square feet with opportunities for add-ons. Sales will start in February 2014, and models will open in July 2014.
Offering 32 beautiful, affordable homes on 8.5 acres, West Front Village in Atascadero is central to shopping and restaurants, less than two miles away from the beautiful Chalk Mountain Golf Course and within walking distance of Atascadero Lake. The community will include 14 single-family homes, 18 duplex homes, a basin park and additional permitted commercial space. Ground was broken for the development in September 2013, and sales will begin in January or February 2014.
SLO Terrace in San Luis Obispo, which breaks ground in January 2014, will provide 17 attractive homes ranging from 1,340 to 1,700 square feet, in a comfortable neighborhood in the heart of San Luis Obispo. With easy access to public parks, shopping and entertainment, the property offers spectacular view of San Luis Mountain and the foothills. Sales begin in March 2014.
Monte Sereno, a gated community with 13 single-story Tuscan-style homes in Arroyo Grande, is located in the Edna Valley's rolling hills adjacent to Highway 101 in San Luis Obispo. Tucked away yet close to shopping, transportation and the beautiful Pacific coastline, the property offers spectacular mountain and vineyard views and a beautifully landscaped green belt. Groundbreaking for the development will be in March 2014 and sales start in early spring 2014.
The Vistas at Pismo Beach, which broke ground in September, will be an accessible and desirable new home community offering 32 units -- 16 single-family homes and 16 townhouses -- and two commercial pads for patio restaurants and retail in the heart of downtown Pismo Beach. Less than 200 feet from miles of white sand beaches, the property encompasses an entire city block. Lots averaging 3,000 square feet allow for approximately 1,500-square-foot homes with two-car garages, balconies and roof decks that take in spectacular ocean views. The property includes a park-like area, beautifully landscaped green belt and a pathway to adjacent shopping and ocean access. Sales begin in February 2014.
A stunning single-family residential neighborhood with the most sought-after views in the area, Costa Azure will offer 19 4,000- to 6,000-square-foot lots near downtown Pismo Beach. With views of the ocean, canyons, green belts and mountains, the Spanish Colonial and Santa Barbara style homes are beautifully set on gently sloping hillsides less than 1,800 feet from the Pacific Ocean. Coastal Community Builders expects to break ground in early spring 2014 and start selling homes in late spring or early summer 2014.
The Village at Pacific West in Pismo Beach will offer 37 single-family residences on 3,000-square-foot lots and 36 condominiums. Sales of the homes, ranging in size from 800 to 1,850 square-feet, will begin in early spring 2014.
Offering 36 1,834- to 2,000-square-foot hillside homes on 5,000-square-foot lots in Pismo Beach, Terraces at Las Ventanas is also in the works. A grand opening date has not been set.
Presidio Residential Capital is a real estate investment company focused on the residential housing sector. Headquartered in San Diego, Calif., the firm provides both levered and non-levered equity and non-recourse construction financing for for-sale residential focused development opportunities throughout the Western United States. Presidio has infused more than $250 million into the economy to capitalize housing development and construction. The firm's goal is to fund in excess of $500 million in debt and equity for home building projects in the Western United States, and currently has investments in California, Hawaii, Texas, Idaho 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. www.presidioresidential.com
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. www.coastalcommunitybuilders.com