SOURCE: Presidio Residential Capital

Presidio Residential Capital

November 02, 2016 13:10 ET

Summit Homes of Nevada and Presidio Residential Capital Break Ground on 25-Home, $10 Million Neighborhood in Suburban Las Vegas

Joint Venture Partners to Hold Grand Opening at Dorrell Heights in February 2017

LAS VEGAS, NV--(Marketwired - Nov 2, 2016) - Summit Homes of Nevada and Presidio Residential Capital have broken ground on Dorrell Heights, a new community offering 25 single-family homes at the northeast corner of Dorrell Lane and Tee Pee Lane in Las Vegas. The retail value of this residential development is expected to exceed $10 million. A sales grand opening celebration is planned for February 2017.

Dorrell Heights will offer two-story, four- and five-bedroom homes with up to three-car garages on 5,680 square foot lots, ranging in size from 2,621 to 4,039 square feet. The homes will have granite countertops, paver stone driveways, piedrafina in the bathrooms and offer covered patios. Prices will begin in the mid-$300,000s.

With freeway access to both the 215 beltway and I-95 just five minutes away, Dorrell Heights will offer easy access to major employers, including resorts and casinos on the Las Vegas Strip, Valley Health Systems and United Healthcare.

"Dorrell Heights is located in a key area of expansion within Las Vegas, an appealing suburban setting with excellent accessibility to employers and activities in the city," said Nathan White, division manager for Summit Homes of Nevada. "As employment growth continues to increase in the area, we foresee high demand for these homes."

This project is Presidio and Summit Homes of Nevada's ninth project in Las Vegas. The companies have also developed Summit Grand Canyon, which has 12 units; Hazelwood, which has 22 units; Canyon View with 20 units; Canyon View II with 16 units; Canyon View III with 23 units; Summit Ford with 18 units; Willow Ridge with 36 units; Shadow Pointe with 36 units; Summit Teco, a nine-home community within Las Vegas's Rural Neighborhood Preservation (RNP) area and Montclaire, a new community offering 48 single-family homes within the Northern Terrace section of the Providence master-planned community in northwest Las Vegas.

According to the National Association of Home Builders' formula to determine the local impact of single-family housing in typical metro areas, adding 25 single-family homes will generate $7.2 million in local income, $900,000 in taxes and other revenue for local governments and 99 local jobs.

About Summit Homes
Locally owned and operated by the White family, Summit homes and the White family has been a home-building staple in the Northwest and Nevada for more than 20 years. Summit Homes has built nearly 3,000 homes in well-planned communities throughout the state of Washington as well as nearly 5,000 homes in the Las Vegas metropolitan area. www.summithomesnv.com

About Presidio Residential Capital
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, 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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