WEST HILLS, Calif., March 13, 2018 (GLOBE NEWSWIRE) — Watt Communities and Presidio Residential Capital have acquired 1.91 acres in West Hills, Calif., where they plan to build a new gated community with 43 single-family homes. The joint venture partners expect to break ground in August 2018 and begin vertical construction in December 2018 on the neighborhood. The retail value of this project is expected to exceed $25 million.
“With its beautiful rolling hills and tranquil lifestyle, West Hills is one of the hottest sleeper markets in the Los Angeles metro area, and we’re pleased we can relieve the pressure on homebuyers with this beautiful new neighborhood,” said Nam Joe, division president for Watt Communities, which specializes in infill development. “We are anticipating high interest in this new community.”
This residential project will offer lots ranging in size from 1,900 to 2,290 square feet at the infill site, which is located at 22135 Roscoe Boulevard in West Hills, just off the 101 freeway in the San Fernando Valley. West Hills offers small-town, family-friendly charm with many trees and parks and is just 30 minutes from downtown Los Angeles.
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 43 single-family homes will generate $12.3 million in local income, $1.5 million in taxes and other revenue for local governments and 30 local jobs.
This project is Watt Communities’ 5th joint venture project with Presidio Residential Capital, a San Diego-based real estate investment company.
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 invest in excess of $150 million in capital for home-building projects in the Western United States in the next 12 months. It currently has investments in Arizona, California, Nevada, Colorado and Washington with current committed capital of $800 million focused on 100+ 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.
About Watt Communities
Founded in 1947 by Ray Watt, this third-generation family-owned business is a multi-faceted company. The company successfully grew from a small building business to a large real estate development organization credited with more than $6 billion in completed projects. Watt Communities is highly regarded in the home building industry as a premium quality builder. The company is widely recognized by industry leaders, financial institutions, and the brokerage community for its expertise in community entitlements, land acquisition and development, home building operations, and financial management. www.wattcommunities.com