BALDWIN PARK, CA--(Marketwired - Dec 7, 2015) - Presidio Residential Capital and Williams Homes recently broke ground on Indigo, a 50-unit community on 3.6 acres at Baldwin Park Boulevard and Merced Avenue in Baldwin Park. The project is scheduled to open in November 2016 and is expected to be complete by February 2018. The retail value of this community will exceed $28 million.
"Presidio is pleased to break ground on our third community with Williams Homes," said Don Faye, co-principal at Presidio Residential. "We look forward to being able to provide the community with much needed innovative detached housing, at a reasonable price."
The community called Indigo will include 50 detached homes on 1,800-square-foot lots with open floor plans, cutting-edge interior finishes and many energy-efficient features. All homes will have direct-access garages and private yards. Residents will have access to several pocket parks and a community recreation area.
Indigo is close to several major employers, including the Baldwin Park Unified School District, the Los Angeles Department of Health and Waste Management Inc. as well as shopping opportunities at the Baldwin Park Shopping Center and Plaza West Covina Mall. The Baldwin Park Metrolink station is one mile away, and Foothill Transit stops 200 feet away from the community.
"We continue to see strong demand for entry-level and first-time move-up single-family detached homes within a gated community. Indigo provides that opportunity in the supply-constrained San Gabriel Valley," said Keith Herren, chief development officer and executive vice president for Williams Homes.
This community is Presidio's third joint venture with Williams Homes in the Los Angeles area. The companies teamed up to develop Phantom Trail, a 29-unit community of single-family detached homes in Santa Clarita, Calif., and Tovara, a 74-unit townhome community in Los Angeles.
According to the National Association of Home Builders' formula to determine the local impact of single-family housing in typical metro areas, adding 50 homes will generate $14.3 million in local income, $1.8 million in taxes and other revenue for local governments and 197 local jobs.
Presidio Residential Capital is a real estate investment company focused on the residential housing sector. Headquartered in San Diego, Calif., the firm provides capital for the entitlement, development and build-out of for-sale residential projects throughout the Western United States. Presidio has infused more than $500 million into the economy to capitalize the housing industry. The firm's goal is to fund an additional $250 million in capital for home-building projects in the Western United States, and it currently has investments in Arizona, California, Colorado, Nevada, and Washington. 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. Presidio is a member of the Building Industry Association of San Diego. Online and social media: www.presidioresidential.com, Facebook, Twitter and LinkedIn.