San Diego’s Presidio Residential Capital says it is investing $7.4 million to create 428 single-family lots in two developments near Puyallup.
Along with an additional sum from local investors who didn’t want to be named, Presidio has purchased land and is doing engineering and preliminary infrastructure work to create developable lots. Those lots will be sold to builders who will construct homes on those sites, said Presidio.
The larger of the two developments is Summerwood Park, an $11 million, 106-acre project that is expected to become available for building in January.
The community is at 136th Street and 62nd Avenue East. It will include 358 single-family lots, a gazebo, a basketball court, a playground and walking paths.
The second project is an extension of Red Hawk, a development at 160th Street and 78th Avenue East. The addition to that development will include 70 lots.
Presidio said its decision to invest was driven by an optimism about the future of single-family developments in Washington.
“Projects of this size are relatively rare in this market,” said Presidio Principal Don Faye, a 30-year veteran of real estate finance, asset management and project partnerships. “We’re excited about Summerwood because it will provide a real ‘neighborhood’ feel. It will be a great place to go for a walk, connect with friends and neighbors, or take the kids to the park.”
The two near-Puyallup developments are among 23 real estate projects nationwide that the company has funded in the first half of 2013.
The real estate firm, which has provided more than $250 million in joint-venture equity and loans to residential homebuilders since 2009, has committed an additional $40 million to pending entitlement deals.
“We see the next two to three years as a good, consistent time in the residential industry,” Faye said. “We’re funding high-integrity, high-competency, good-quality operators in their particular markets.”John Gillie: 253-597-8663 email@example.com