Presidio Residential Capital Partners With Watt Communities to Build $13.5 Million 46-Home Community in Citrus Heights
AutumnWood toSatisfy Demand for New Homes in Residential Area Near Shopping, Recreation and Employers
CITRUS HEIGHTS, Calif. – Presidio Residential Capital, a real estate investment company, has partnered with Watt Communities on a nine-acre, 46-unit community on Antelope Road that will offer the first new homes to be built in the area in many years. The $13.5 million project is expected to break ground in spring of 2015.
“Projects of this size are relatively rare in this market,” said Presidio Principal Don Faye, a 30-year veteran of real estate finance, asset management and project partnerships. “We’re proud to be a part of this joint venture to build a new home community in such an affordable living environment, where most of the for-sale housing available is pre-existing homes.”
Designed by KTGY Architects, AutumnWood will offer three-bedroom single-family homes with two-car garages, ranging from 2,000 to 2,500 square feet. General contractor Watt Construction expects the build-out to be complete by 2017.
“With AutumnWood, we’re taking advantage of an excellent, convenient location in an area where we see a pent-up demand for new homes,” said Watt Communities Division President Kevin Webb. “This location is only a half mile from Highway 80, close to parks and shopping, and surrounded by established residential neighborhoods.”
AutumnWood is located close to major employers, including Intel Corp., Delta Dental and Aerojet Rocketdyne. It also has easy access to downtown Sacramento, Sunrise Mall and Roseville Galleria, and Sleep Train Arena, home of the Sacramento Kings. Community residents will also have easy access to boating and rafting on the nearby Sacramento River and the American River bike and hiking trails. Citrus Heights Water Park is 5 miles away.
According to the National Association of Home Builders’ formula to determine the local impact of single-family housingin typical metro areas, adding 46 single-family homes will generate $9.7 million in local income, $1 million in taxes and other revenue for local governments, and 149 local jobs. Watt Construction estimates the project will create 100 temporary construction jobs.
Watt Communities, based in Santa Monica, is re-entering the Northern California new home marketplace after a hiatus because the company is confident about the market’s comeback.
“AutumnWood furthers our company’s goal of acquiring land wisely and building communities according to what the homebuyers are seeking,” Webb said.