|By Marketwired .||
|June 9, 2014 02:43 PM EDT||
FAIR OAKS, CA -- (Marketwired) -- 06/09/14 -- Presidio Residential Capital has partnered with Watt Communities to build Woodbury, a 6.5-acre community with 17 executive-level ranch-style homes on lots up to quarter-acre in size, on the last remaining parcel of the former Davis family ranch in Fair Oaks, Calif. Construction is expected to begin this month and a grand opening is planned for early spring 2015. Presidio has committed $7 million to help build this community.
"This is a spectacular site where we are providing executive level housing in an underserved market, perfect for people who want to relocate into a residence closer to a quaint community close to vast amenities," said Presidio Residential Capital principal Don Faye.
Woodbury, located at 10850 Fair Oaks Blvd., is in an historic area with established services and easy access to major employers including Aerojet and Intel, the Sunrise Mall and Birdcage Center shopping centers, light rail and schools in the highly ranked San Juan Unified School District as well as many private and parochial schools. Folsom Lake and the American and Sacramento Rivers are within five miles of the site, and Lake Tahoe is a one-hour drive.
"Woodbury will serve this market by offering freshened ranch-style homes with contemporary amenities and beautiful finishes in a really great area of Sacramento," said Kevin S. Webb, Northern California division president for Watt Communities, which specializes in infill development.
The development is being built on the last remaining parcel of the Davis family ranch, established by Walter Magnum Davis and his wife, Oma Bennett Davis, in the early 1900s. The family cultivated citrus and olives on the property and pressed olive oil until the late 1950s. In the 1950s, the Davis family liquidated most of the 60-acre ranch but held onto approximately 8 acres, which they eventually bequeathed to the University of California-Davis but continued to live on. When the last remaining heir died in 2006, she donated the property to UC Davis. The university then sold it to Watt Communities in 2014.
According to the National Association of Home Builders' formula to determine the local impact of single-family housing in typical metro areas, the community's 17 new single-family homes will generate $3.6 million in local income and $374,000 in taxes and other revenue for local governments. Watt Communities estimates that the property will generate tax revenue of $190,000 annually and approximately 100 new jobs.
Presidio Residential Capital is a real estate investment company focused on the residential housing sector. Headquartered in San Diego, Calif., the firm provides both levered and non-levered equity and non-recourse construction financing for for-sale residential focused development opportunities throughout the Western United States. Presidio has infused more than $400 million into the economy to capitalize housing development and construction. The firm's goal is to fund in excess of $600 million in debt and equity for home building projects in the Western United States, and currently has investments in California, Hawaii, Texas, Idaho 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. www.presidioresidential.com