SAN DIEGO, Feb. 17, 2021 /PRNewswire/ — San Diego real estate management company Presidio Residential Capital, along with its building partners, successfully sold 1,270 homes, closed 1,196 homes and acquired 17 new projects in 2020. It currently has 28 communities with active sales and a portfolio totaling just over 6,200 homes and lots for sale, under construction or in entitlement or development process.
“Despite the tremendous social and economic distress caused by COVID-19, Presidio and its joint venture builder partners experienced record home sales during the last half of 2020,” says Don Faye, principal at Presidio Residential Capital. “We are very pleased that our closings increased over 2019 and we exceeded our sales goal of 1,000 homes we set for 2020.”
This year Presidio’s goal is to fund an additional $100 million in joint venture equity to residential homebuilders in California, Nevada, Arizona, Colorado, Idaho, Utah and Washington. There are currently 15 projects approved or under due diligence with a total of 1,400-plus lots planned to close escrow by the end of 2021.
“Our long-term relationships with our joint venture partners made a difference last year as we all navigated uncertain territory due to the pandemic, however, heavy buyer demand and a significant shortage in supply helped us post a staggering comeback,” said Paul Lucatuorto, principal at Presidio Residential Capital. “Together, we are optimistic we can meet or exceed our goal of 1,000 home sales in 2021.”
About Presidio Residential Capital
Presidio Residential Capital is a real estate management company focused on the residential housing sector. Headquartered in San Diego, California, the firm provides capital in the form of joint ventures for the development and build-out of for-sale residential projects throughout the Western United States. Presidio has infused more than $1.5 billion into the economy to capitalize the housing industry. The firm’s goal is to invest in excess of $100 million in capital for home-building projects in the Western United States in the next 12 months. It targets builders in Arizona, California, Nevada, Washington, Idaho, Colorado and Utah with current committed capital of $250 million focused on 50 plus 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 billion.
SOURCE Presidio Residential Capital