SOURCE: Presidio Residential Capital

Presidio Residential Capital

November 30, 2015 18:28 ET

Presidio Residential Capital and Summit Homes of Nevada to Build $5 Million Luxury Home Community in Las Vegas' Rural Neighborhood Preservation Area

Community Will Offer Large Homes on 20,000-Square-Foot Lots; Targets Homeowners With Horses and RVs

LAS VEGAS, NV--(Marketwired - Nov 30, 2015) - Presidio Residential Capital and Summit Homes of Nevada plan to build a nine-home community within Las Vegas' Rural Neighborhood Preservation (RNP) area at Duneville Street and West Teco Avenue. The project is scheduled to break ground in April 2016. The retail value of this residential community will exceed $5 million.

"We are excited to partner with Summit Homes Nevada on another promising community," said Paul Faye, asset manager at Presidio Residential Capital. "Nathan White and his team have been fantastic to work with and we expect to see similar positive results with this new acquisition."

The community will offer nine large homes with three different floorplans. Two of the plans are for single-story homes with "pop-top" options, adding minimal living space on a second story. The third plan will have two stories and may be as large as 4,200 square feet. All of the homes will be on 20,000 square foot lots.

The homes will have granite countertops, paver driveways, large windows and doors, large kitchens, three-car garages and energy-efficient appliances and features. Casitas and RV gates will be available as optional features.

"Las Vegas' RNP designation requires large lots and fewer homes in keeping with the rural neighborhood feel," said Nathan White, division manager for Summit Homes of Nevada. "The huge lots make this community desirable for homeowners with horses and RVs. Typical new home subdivision improvements, such as sidewalks and streetlights, are not allowed in the area."

McCarran Airport, Town Square Mall and the Las Vegas Strip are all within two-and-a-half miles of the community, and major gaming is within two miles. The 215 Beltway is a half mile away, and I-15 is two miles away.

The project is Presidio and Summit Homes of Nevada's sixth project in Las Vegas. The companies have also developed Silverado Ranch, which has 22 units, Canyon View with 20 units, Canyon View II with 16 units, Willow Ridge with 36 units and Shadow Pointe with 36 units.

According to the National Association of Home Builders' formula to determine the local impact of single-family housing in typical metro areas, adding nine single-family homes will generate $2.5 million in local income, $324,000 in taxes and other revenue for local governments and 35 local jobs.

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 $250 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

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