San Diego-based Private Equity Firm Closed 811 Homes Throughout the West
SAN DIEGO, CALIFORNIA, UNITED STATE, February 28, 2023 /EINPresswire.com/ — In 2022 San Diego real estate development management company Presidio Residential Capital and its building partners closed 811 homes – up from 572 in 2021, sold 628 homes and acquired five new projects. Presidio’s portfolio today includes 3,300 homes and lots for sale, under construction or in the entitlement or development process and has 19 western U.S. communities with active sales.
“Our builders have seen challenges across the board from supply chain issues to increasing interest rates to labor shortages, but none of that seems to have slowed them down,” says Don Faye, principal at Presidio Residential Capital. “Regardless of these challenges, they’ve kept building and putting people and families in new homes throughout the year.”
Last year four of Presidio’s joint venture partners in California were named to Builder Magazine’s 2022 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 2023 Presidio hopes to fund $100 million in joint venture equity to residential homebuilders throughout California, Nevada, Arizona, Colorado, Idaho and Utah. There are currently 15 projects totaling 2,900 lots that are approved or under due diligence and planned to close escrow by the end of 2023.
“We’re still seeing an uncertain economic environment and supply issues, but we’re confident our builders will handle these matters as well this year as they did last year,” said Paul Lucatuorto, principal at Presidio Residential Capital. “We remain very optimistic about 2023 and predict another successful year in sales.
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 $2 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, 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.