Presidio Residential Capital and Lafferty Communities Break Ground on $33 Million Community in Santa RosaDecember 29, 2016 11:34 pm
SANTA ROSA, CA — (Marketwired) — 12/13/16 — Lafferty Communities and Presidio Residential Capital recently broke ground on Smith Village, a 67-unit community on 8.97 acres at Sebastopol Road and Justin Drive in southwest Santa Rosa. The retail value of this project will exceed $33 million.
Smith Village will offer 51 detached homes on lots averaging 4,500 square feet and 16 attached single-family homes on lots averaging 2,236 square feet. The community, which is expected to be open for sale in the spring of 2017, is being built on vacant land.
The project site is in an urbanized area on parcels previously developed with most major infrastructure complete. It is about an hour north of San Francisco and close to several parks and recreational facilities with easy access to Scenic Highway 12. The neighborhood will be served by the Santa Rosa City and Wright School districts.
In keeping with Santa Rosa’s long-standing commitment to water conservation, Smith Village will feature ultra-low flush toilets, low-flow showerheads and faucet aerators, as well as water efficient landscapes.
Lafferty and Presidio have partnered to build two other communities: Brioso, an 18-unit community on 7.19 acres in Napa, Calif., and Amber Field, an environmentally friendly 36-unit community located on 9.84 acres in Brentwood, Calif.
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 67 single-family homes will generate $19.2 million in local income, $2.4 million in taxes and other revenue for local governments and 264 local jobs.
About Lafferty Communities Lafferty Communities is a privately held, family-owned company. For over two decades, we’ve honed our legacy as a builder of luxury custom homes. Our appreciation of the home-building craft can be seen in four-sided architecture and fine construction techniques. Merged with our appreciation for quality is a clear grasp of the practical — a knowledge of how to balance technology and creativity with solid value. Additional information is available at www.laffertycommunities.com
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 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 $250 million in capital for home-building projects in the Western United States through 2017. It currently has investments in Arizona, California, Nevada, Colorado, Idaho 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.
See the original article at Yahoo! Finance.