Master-Planned Development Will Provide Relief in Severely Underserved Area
SAN LUIS OBISPO, Calif. – Presidio Residential Capital and Williams Homes recently acquired property in southeastern San Luis Obispo to build the first 33 units of a 113-unit community called The Arroyos at Righetti. This new neighborhood will be part of Righetti, a new 165-acre, mixed-use development, which will have a broad range of product types, sizes and price points to serve the housing needs for the overall community.
“This beautiful, centrally located community will help address the severe housing shortage in San Luis Obispo, which has been exacerbated by job and population growth,” said Lance Williams, president and CEO of Williams Homes. “We can’t wait to tell interested homebuyers who have been unable to find housing here their long commutes are finally over.”
The community is two miles southeast of downtown San Luis Obispo and 3.5 miles southeast of Cal Poly University in the Orcutt Specific Plan Area, which seeks to protect natural resources while adding much-needed housing. Major retailers are a half of a mile away, and the community is close to the Union Pacific Railroad, a park and open space.
The 113 homes in The Arroyos at Righetti community will be built on 5,000-square-foot lots and feature Farmhouse, Mission, Craftsman and Bungalow styling. These three to four-bedroom homes will range from 1623 – 2386 square feet with prices starting in the high $700,000s.
The master-planned development will include a neighborhood park with tennis and basketball courts, a soccer field, pickle ball and a playground. A pocket park will offer a climbing wall, barbecue and picnic stations and a linear park with a community garden, playground, picnic tables and a produce stand.
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 113 single-family homes will generate $32.4 million in local income, $4 million in taxes and other revenue for local governments and 445 local jobs.
About Presidio
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 invest in excess of $100 million in capital for home-building projects in the Western United States in the next 12 months. It currently has investments in Arizona, California, Nevada, Colorado, Washington and Idaho with current committed capital of $500 million focused on 90+/- 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.
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
