Six San Joaquin Valley new home developments are funded
April 21, 2014
• Presidio Residential Capital invests $23 Million
• Newest development is in Visalia
Presidio Residential Capital of San Diego says it has invested $23 million with Visalia-based development company San Joaquin Valley Homes, to build new communities in the San Joaquin Valley.
The developments will add 732 new homes to the rapidly expanding housing market in Central California.
"The San Joaquin Valley is developing quickly, and this partnership allows Presidio to play a major role in providing much-needed housing," says Presidio Residential Capital principal Don Faye. "With this new homebuilding operation, we can do something we do very well -- capitalize on an underserved market."
San Joaquin Valley Homes is beginning work this month on its newest project, which consists of 95 lots in northwest Visalia. The development will be the company's first move-up project, with house sizes expected to range between 2,200 and 3,200 square feet. Sales are expected to begin in late summer and continue through the end of 2016.
The largest of the communities is “Savannah,” a 130-home development on 80 acres in Tulare, which broke ground in August 2013. Designed by Sierra Design, the development offers homes ranging from 1,390-square feet to 2,420 square feet on 7,000-square-foot lots.
Offering 121 detached single-family homes in Hanford, Hartley Grove is a $36.5 million 50-acre community that broke ground in July 2013. Also designed by Sierra Design, the development at 12th and Hume offers homes ranging from 1,390 square feet to 2,322 square feet on 7,000 square-foot lots.
Construction began in December 2013 at Chelsea Place, a 40-acre development with 155 lots at Maddox and Caldwell Streets in Visalia. The community, also designed by Sierra Design, is offering 6,500-square-foot lots for detached single-family homes ranging in size from 1,575 square feet to 2,420 square feet.
Pheasant Ridge, a 76-unit development on West Hume Lake Drive in Corcoran, will offer 8,500-square-foot lots for detached single-family homes ranging in size from 1,260 square feet to 1,872 square feet. Construction began in January and the project should be complete in two years.
Construction began this month at Catalina, a 71-unit development at Mooney and Kern Streets in Tulare. Also designed by Sierra Design, the community will offer 71 4,500-square-foot lots for homes ranging in size from 1,260 square feet to 1,575 square feet as well as a neighborhood park. Models are expected to open in May, and build-out is expected to take two years.