New 200-plus home development set for Bakersfield
July 30, 2015
• San Joaquin Valley Homes enters market with $65 Million
• “We've been keeping a close eye on the housing market in Bakersfield”
Three communities, totaling 212 single-family homes, are to be built on 66.5 acres in northwest Bakersfield by San Joaquin Valley Homes with a combined value of approximately $65 million.
This will be the seventh project that SJV Homes has developed in a joint venture with Presidio Residential Capital, a San Diego-based real estate investment company, which acquired 116 lots at the site last year in collaboration with Cornerstone Communities.
Land development on the first phase of the project has started and model homes will be opening in October. Prices start in the $300,000s.
"We're excited about entering and making a long-term commitment to the Bakersfield market," says Joe Leal, who co-founded SJV Homes two years ago with long-time development partners Jim Robinson and Randy Merrill. "We've been keeping a close eye on the housing market in Bakersfield, which has been showing significant signs of a stable recovery."
"In recent months, the city has seen record closings and rising home prices," says Mr. Leal. "So we believe the timing is right to deliver new homes in Northwest Bakersfield."
The development, dubbed Tuscany, at the northwest corner of Hageman Road and Renfro Road in Bakersfield, will offer five floorplans ranging from 2,219 to 3,205 square feet on home sites ranging from 8,400 to 13,000 square feet.
Tuscany is located within the Rosedale School District and is close to the Northwest Promenade shopping center as well as major employers including Giumarra Farms, Grimmway Farms, Bolthouse Farms and Chevron. The location offers easy access to freeways, Amtrak stations and the Meadows Field Airport.