San Diego real estate development management company Presidio Residential Capital and its building partners closed 787 homes and acquired nine new projects in 2021. Its current portfolio totals 5,800 homes and lots for sale, under construction or in entitlement or development process and has 20 western U.S. communities with active sales.
“During the last few years, sales and home buying have remained high, but building supplies were often a struggle and the pandemic continued to throw us curveballs,” says Don Faye, principal at Presidio Residential Capital. “Regardless of any economic impact from situations beyond everyone’s control, our builders and partners still had great results and sold out their communities very quickly.”
Last year four of Presidio’s joint venture partners in California were named to Builder Magazine’s 2021 Next 100 list, the housing industry’s premier ranking of the nation’s most active homebuilders based on how many homes were closed in the previous year.
In 2022 Presidio’s goal is to fund $100 million in joint venture equity to residential homebuilders throughout California, Nevada, Arizona, Colorado, Idaho, Utah and Washington. There are currently 17 projects totaling 2,500 lots that are approved or under due diligence that are planned to close escrow by the end of 2022.
“We value the relationships we’ve forged with our joint venture partners and how they’ve all handled the trials of the past few years,” said Paul Lucatuorto, principal at Presidio Residential Capital. “We are optimistic 2022 will be a profitable one, and we’re certain our homebuilders will continue to be very busy.”
About Presidio Residential Capital
Presidio Residential Capital is a real estate development 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 40 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. Online and social media: www.presidioresidential.com, Facebook, Twitter and LinkedIn.