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Private Equity Fund Continues to Increase Investments in Its Target Markets Including California, Phoenix, Seattle and Las Vegas
SAN DIEGO, CA--(Marketwired - Mar 4, 2016) - Presidio Residential Capital showed strong presence in major markets in 2015, funding 33 new residential projects totaling approximately $200 million in committed capital located in California, Washington, Nevada and Arizona.
"2015 was another successful year for Presidio," said Paul Lucatuorto, co-principal at Presidio Residential. "Our continued success is based on our strong builder/developer relationships. Presidio's partners are among the absolute best within their local markets and their performance thus far has proven that. We look forward to another prosperous year in 2016."
The private equity fund has current commitments of more than $500 million in joint-venture equity to residential homebuilders. As of December 31, 2015, Presidio has committed an additional $50 million to option entitlement projects for 2016.
Presidio's philosophy of working hand-in-hand with local builders/developers and its personal approach to business in a relaxed, congenial culture has been one of the keys to the company's success.
"In a market that demands quick decisions to be made, it is extremely imperative that you don't waste time in translation," said Ure Kretowicz, CEO/chairman of the board at Cornerstone Communities. "You need to have a partner that understands the vocabulary, the salient deal points, and the importance of commitments that you can count on. This is the foundation that credibility and integrity is built on, which is what we have with Presidio."
A breakdown of committed capital by region of Presidio's 2015 investments with the company's joint venture partners is outlined below:
Central Valley/Sacramento ($22 million)
Blackpine Communities, The Creamery, Sacramento, CA, 117 units
Las Vegas ($14 million)
Summit Homes of Nevada, Summit Jones, Las Vegas, 20 units
Summit Homes of Nevada, Summit Dunville, Las Vegas, 9 units
Summit Homes of Nevada, Summit Grand Canyon, Las Vegas, 12 units
Summit Homes of Nevada, Summit Dorrell, Las Vegas, 25 units
Summit Homes of Nevada, Summit Ford Durango, Las Vegas, 18 units
San Diego ($61 million)
Cornerstone Communities, The Preserve, Carlsbad CA, 36 units
Cornerstone Communities, Otay 225, Chula Vista, CA, 227 units
Cornerstone Communities, The Promontory, French Valley, CA, 272 units
San Fernando Valley/Los Angeles ($48.7 million)
Williams Homes, Phantom Trail, Santa Clarita, CA, 29 units
Williams Homes, Tovara, Sylmar, CA, 74 units
Williams Homes, Indigo, Baldwin Park, CA, 51 unit
Family Development, The Cove, La Quinta, CA, 29 units
Lafferty Communities, Amber Fields, Brentwood, CA, 36 units
WATT Communities, The Enclave at Ventura, Ventura, CA, 91 units
KHOV, Veranda at Riverpark, Oxnard, CA, 95 units
Seattle/Washington ($29.8 million)
Summit Homes of Washington, Brickyard Ridge, Seattle, 13 units
Summit Homes of Washington, Forest Heights, Seattle, 24 units
Summit Homes of Washington, Jazz Run, Issaquah, 11 units
Summit Homes of Washington, Innswood Estates, Seattle, 10 units
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.