Welcome!

News Feed Item

Presidio Residential Capital Funds the Acquisition of a Master-Planned Community With 1,459 Homes in Coachella Valley

Development Team to Redesign 656-Acre Development With a Focus on Healthy Living, Converting Golf Course to Amenity-Filled Park System

SAN DIEGO, CA -- (Marketwired) -- 01/07/14 -- Presidio Residential Capital has partnered with Mana Investment and Touchstone Communities to acquire Fiesta de Vida, a 656-acre master-planned community approved for 1,459 new homes in the City of Indio on the edge of Palm Desert. The team will focus on removing the golf course component and creating an environment conducive to active, healthy lifestyles. The community will include extensive trails, community gardens and an active park system.

"As economic conditions improve in the Coachella Valley, with job growth and resale home values continuing to increase, the housing market is not keeping up with demand," said Don Faye, principal of Presidio. "Fiesta de Vida will provide an affordable alternative to the nearby Palm Desert area, serving the needs of downsizers, retirees, families and second-home buyers."

One of very few large developments to be approved on one of the last large concentrations of developable residential land in the Coachella Valley, Fiesta de Vida is being developed through a partnership between Mana Investments and Touchstone Communities, both of San Diego.

"We could not have closed this deal without an extensive team effort by both Presidio and Touchstone," said Orville T. Power, managing member of Mana Investments. "We have collectively worked together over the last year on a variety of projects and have closed more than 2,000 future housing units in California. We are focused on building a portfolio of well-located properties that we will develop as Healthy Living communities. The goal of our developments is to create a destination and simply place well-designed housing next to it."

"This is an opportunity to create a master-planned community that the City of Indio will be proud of," said Kerry Garza, CEO of Touchstone Communities. "Our vision is a family-friendly community that has abundant amenities and a diversity of housing for all ages and income levels."

Given the rarity of fully entitled lots in the Coachella Valley, the new owners plan to function as the master developer and sell lots to merchant builders when they believe market demand is sufficient. If builder interest is as strong as expected, Power says he expects to begin delivering lots at Fiesta de Vida in less than two years.

Fiesta de Vida will feature four traditional single-family-style home villages and an age-restricted neighborhood, all designed to provide residents with maximum valley and mountain views. The community will link traditional, non-age-restricted neighborhoods with an active senior community with a focus on multi-generational gathering places.

In addition to a large linear park, the team will redesign an extensive trail system focused on hiking and mountain biking. All trails will lead to a resort-style community center with a focus on aquatics. The community will be designed with landscaped paseos, tree-lined streets and drought-resistant landscaping.

More than 134 acres of mountainous desert terrain extending into the Indio Hills has been set aside for preservation as undisturbed, natural open space.

According to the National Association of Home Builders' formula to determine the local impact of multifamily housing in typical metro areas, adding 1,459 single-family homes will generate $305.9 million in local income, $31.9 million in taxes and other revenue for local governments, and 4,698 local jobs.

The seller of the property is an institutional money manager headquartered in New York, which acquired the property in a portfolio acquisition. The brokers on the transaction were Stone James and Mac O'Donnell of Land Advisors Organization.

About Presidio

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 $250 million into the economy to capitalize housing development and construction. The firm's goal is to fund in excess of $500 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

About Mana

Mana Investments, Inc. is an entrepreneurial real estate firm headquartered in San Diego and focused on land investments within the residential sector. Backed by a single source institutional partner, our programmatic platform is designed to allow the firm to leverage our capital relationship by functioning as a Joint Venture partner with local experts. Our focus is value-add land investments throughout the western United States and our current portfolio exceed 2,400 housing units. The firm invests in opportunities in land constrained markets that allow value to be added through creative entitlement design and/or manufacturing of lots. Our goal is simple: to create top-rate communities where people desire to live, and are proud to call home. Mana is a member of the Urban Land Institute. www.manainv.com

About Touchstone

Touchstone Communities takes pride in building award-winning residences in every price range, from affordable single-family homes to lavish custom estates, and prestigious master-planned communities. Touchstone's expertise includes land acquisition, planning and building commercial centers, office buildings, apartments, golf courses and regional infrastructure. www.touchstonecommunities.com

Add to Digg Bookmark with del.icio.us Add to Newsvine

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In the first article of this three-part series on hybrid cloud security, we discussed the Shared Responsibility Model and examined how the most common attack strategies persist, are amplified, or are mitigated as assets move from data centers to the cloud. Today, we’ll look at some of the unique security challenges that are introduced by public cloud environments. While cloud computing delivers many operational, cost-saving and security benefits, it takes place in a public, shared and on-demand ...
In his session at @ThingsExpo, Sudarshan Krishnamurthi, a Senior Manager, Business Strategy, at Cisco Systems, will discuss how IT and operational technology (OT) work together, as opposed to being in separate siloes as once was traditional. Attendees will learn how to fully leverage the power of IoT in their organization by bringing the two sides together and bridging the communication gap. He will also look at what good leadership must entail in order to accomplish this, and how IT managers ca...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at @ThingsExpo, Steve Wilkes, CTO and founder of Striim, will delve into four enterprise-scale, business-critical case studies where streaming analytics serves as the key to enabling real-time data integration and right-time insights in hybrid cloud, IoT, and fog computing environments. As part of this discussion, he will also present a demo based on its partnership with Fujitsu, highlighting their technologies in a healthcare IoT use-case. The demo showcases the tracking of pati...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, Cloud Expo and @ThingsExpo are two of the most important technology events of the year. Since its launch over eight years ago, Cloud Expo and @ThingsExpo have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, I provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading the...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.