San Joaquin Valley Homes (SJV Homes) and Presidio Residential Capital recently closed on 15 acres of farm land in Porterville, California. The partners plan to build Cambria, a new neighborhood with 80 single-family detached garden homes. The project is expected to break ground in September—and will begin model construction in January 2019. The retail value of this project will exceed $18 million.
“The housing market in Tulare County continues to sizzle, and we know that’s because this is such a great place to live,” said Danny Garcia, vice president of sales at SJV Homes. “We’re thrilled to be able to get 80 local families into quality houses in a great location.”
Cambria will offer modern single-story homes ranging from 1,297 to 1,597 square feet with open floor plans and three bedrooms and two bathrooms on lots ranging from 4,750 to 5,840 square feet. The community is surrounded by rural residential and agricultural properties.
This is SJV Homes’ 21st joint venture project with Presidio Residential Capital, a San Diego-based real estate investment company that funds 100 percent of the projects and operations of SJV Homes. Additional developments include Brighton, a 30-acre community in Tulare, California, which has recently opened sales. And Catalina, a neighborhood in Visalia, California offering 51 single-family homes, which opened in May 2018.
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 80 single-family homes will generate $22.9 million in local income, $2.9 million in taxes and other revenue for local governments and 315 local jobs.