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
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
On Dice.com, the number of job postings asking for skill in Amazon Web Services increased 76 percent between June 2015 and June 2016. Salesforce.com saw its own skill mentions increase 37 percent, while DevOps and Cloud rose 35 percent and 28 percent, respectively. Even as they expand their presence in the cloud, companies are also looking for tech professionals who can manage projects, crunch data, and figure out how to make systems run more autonomously. Mentions of ‘data science’ as a skill ...
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, will provide economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session will also include a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...