LAS VEGAS, NV--(Marketwired - Apr 10, 2017) - Summit Homes of Nevada and Presidio Residential Capital have closed on two properties in west Las Vegas and will build two new communities, which will add 41 single-family homes to this high-demand market.
"As housing prices rise and supply dwindles, the Las Vegas market gets hotter every day," said Nathan White, division manager for Summit Homes of Nevada. "We're thrilled that we're able to offer two beautiful new communities here."
Summit Agate, a community on West Agate Avenue between South Jones Boulevard and Duneville Street in southwest Las Vegas, will offer 19 single-family detached homes with three floorplans ranging from 2,182 to 2,621 square feet on 2.5 acres. Summit Homes of Nevada will break ground on the property in July and begin vertical construction in October. The community is expected to be open for sale in January 2018 and complete by September 2018.
Summit Centennial, a community on the northwest corner of Centennial Parkway and North Alpine Ridge Way in northwest Las Vegas, will offer 22 single-family detached homes with four floorplans ranging from 2,600 to 3,800 square feet on 4.8 acres. Summit Homes of Nevada will break ground on the property in June and begin vertical construction in September. The community is expected to be open for sale in January 2018 and complete by December 2018.
According to the National Association of Home Builders' formula to determine the local impact of single-family housing in typical metro areas, adding 41 single-family homes will generate $10.6 million in local income, $1.3 million in taxes and other revenue for local governments and 146 local jobs.
About Summit Homes of Nevada
Summit Homes of Nevada is owned and operated by the White family; second generation homebuilders who have built more than 5,000 homes in Nevada. The team at Summit Homes has deep roots in the region and is committed to delivering top-notch customer service. 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, California, the firm provides capital in the form of joint ventures for the entitlement, development and build-out of for-sale residential projects throughout the Western United States. Presidio has infused more than $1 billion into the economy to capitalize the housing industry. The firm's goal is to fund an additional $150 million in capital for home-building projects in the Western United States through 2017. It currently has investments in Arizona, California, Nevada, Colorado and Washington with current committed capital of $650 million focused on 95+ projects. 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 $2.5 billion. Online and social media: www.presidioresidential.com, Facebook, Twitter and LinkedIn.