|By Marketwired .||
|May 1, 2014 03:47 PM EDT||
BALDWIN PARK, CA -- (Marketwired) -- 05/01/14 -- Presidio Residential Capital is investing $18.7 million to build a 51-unit gated community on 3.6 acres at the corner of Baldwin Park Boulevard and Merced Avenue, formerly the site of a church and school grounds. Construction is expected to begin in December 2014, with a grand opening in April 2015.
"Presidio Residential Capital is optimistic about the City of Baldwin Park's active promotion of progressive growth and pro-business approach in the development process," said Presidio principal Don Faye. "This opportunity to provide quality housing on a prominent corner within the city was too good to pass up."
South Coast Builders, a division of South Coast Communities, will construct 51 detached two- and three-story, three- and four-bedroom villas with a variety of plans, elevations and color schemes at the infill site, which will include a gracious entry plaza on Merced Avenue, a prominent water feature and a community park. Reciprocal use easements between homes will create usable yards, and contemporary architectural features such as flat roofs and lighter colors will minimize the density impact.
Three home plans, each with two to three variations, will be available. Residents will choose from a three-bedroom, two-and-a-half bath two-story villa; a three-bedroom, three-and-a-half-bath villa with a light-filled second-floor living space; and a four-bedroom, three-and-a-half-bath villa with upper-floor balconies and a third-floor casita with a generous terrace.
"We are very excited to be building in Baldwin Park," said Brent Little, principal of South Coast Communities, LLC. "The community is centrally located in Southland and has great access to job centers and amenities. There is tremendous demand for new homes in this community, and the city is eager to see the project begin."
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, Nevada, 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 South Coast Communities
South Coast Communities, LLC is a land development and urban housing firm involved in the entitlement and improvement of residential and mixed-use development projects. South Coast focuses on in-fill properties in urbanized communities and larger master-planned projects in more rural communities. www.so-coast.com
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