Williams Homes and Presidio Residential Capital Close on 3.2 Acres in Baldwin Park, Calif., to Build 47-Unit Condominium Project

BALDWIN PARK, CA–(Marketwired – May 30, 2017) –  Williams Homes and Presidio Residential Capital have recently closed on 3.2 acres along Pacific Avenue, just west of Puente Avenue, and will build Pacific Villas — a 47-unit detached condominium project in Baldwin Park, Calif. The project is scheduled to break ground in July and sales will begin in February 2018. The retail value of this project will exceed $28 million.
“We’re thrilled to be able to offer entry-level and first-time move-up homes in this beautiful, amenity-rich community,” said Daniel Faina, sales and marketing vice president of Williams Homes. “Existing home inventory in Los Angeles County is at historically low levels, so we predict demand for these homes will be strong.”
Pacific Villas will offer three two- and three-story floor plans ranging from 1,838 to 2,417 square feet with luxury finishes including quartz kitchen countertops, stainless steel appliances and Shaker door cabinetry. The community will include a tot lot and paseos. Pacific Villas has prime access to the 10 and 605 freeways, and Plaza West Covina Mall, a regional shopping destination, is a five-minute drive. Morgan Park and a Metrolink Station are within walking distance.
The new community is Williams Homes’ and Presidio Residential’s fourth joint venture in the Los Angeles area. The companies are currently developing Indigo, a 50-unit community in Baldwin Park, Calif.; Phantom Trail, a 29-unit community in Santa Clarita, Calif.; and Tovara, a 74-unit community in the Sylmar neighborhood of 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 47 single-family homes will generate $13.5 million in local income, $846,000 in taxes and other revenue for local governments and 186 local jobs.
About Williams Homes
In 1997, Lance Williams founded privately held, Santa Clarita based, Williams Homes, on the principles of integrity, trust and partnership — the key ingredients to Williams Homes’ continued success. Last year Williams Homes was the proud recipient of the 2013 Builder of the Year Award by the Building Industry Association. Williams Homes has earned a respected reputation as a builder of exceptional quality Southern California homes and new home communities in California. The Williams Homes’ team has established a relationship with its family of homebuyers as a builder who stands behind its product and continues to provide a level of customer service that exceeds expectations. www.williamshomes.com
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 fund an additional $150 million in capital for home-building projects in the Western United States through 2017. It currently has investments in Arizona, California, Nevada, Colorado and Washington with current committed capital of $650 million focused on 95+ 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.