Presidio Residential Capital and Watt Communities have completed construction on home models at Enclave, a 91-home community on 12 infill acres in Ventura. This past weekend (February 20-21), hundreds of potential homebuyers had a chance to view the recently completed Enclave models at its grand opening celebration.
“Presidio is pleased to have the opportunity to enter into our fourth project with Watt Communities, one of the premier builders,” said Don Faye, co-principal at Presidio Residential Capital. “We believe the Enclave project is well positioned to provide reasonably priced homes in the Ventura market.” Of the 91 homes at Enclave, 77 are single-family homes on 3,500-square-foot lots and 14 are duplexes. Twelve of the duplexes will be affordable housing. The first phase of the project, consisting of nine units, is expected to be complete by the end of 2015. Prices will start in the mid $400,000s.
The retail value of this project will exceed $44 million. “This project is exciting because it offers a new home experience in an existing suburban community at an attainable price point,” said Max Frank, division president for Watt Communities.
The three- and four-bedroom homes at Enclave will have modern floor plans with great rooms, open space, natural light and high ceilings as well as high-end finishes including granite countertops, and solid-surface flooring in the bathrooms. The community will include an on-site public park. KTGY is the architect.‘We’ve been working on this project for five years,” Frank said. “Ventura has few new home projects because the entitlement process is so rigorous. Because of this, the quality of design is excellent, and Enclave will offer a variety of interesting elevations.”
The project is Watt Communities’ fourth joint venture with Presidio, which is acting as equity provider. The construction loan for the project is with California Bank & Trust through loan officer Daniel Miltenberger. Watt Communities has developed more than 10 neighborhoods in Ventura County.
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 91 single-family homes will generate $26.1 million in local income, $3.3 million in taxes and other revenue for local governments and 359 local jobs.
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, Colorado, 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.
About Watt Communities
Ray Watt founded his first construction company in 1947, and it successfully grew from a small building business to a large multi-faceted real estate development organization. Watt Companies is credited with more than $6 billion in completed projects. This third-generation family-owned business is committed to customer satisfaction and meeting the expectations of our future homeowners. Our mission statement is “proudly and passionately working together to build a better quality of life.” Learn more at www.wattcommunities.com.