Presidio Residential Capital to Complete First Joint Venture Project With the Grupe Company; Planning to Build 10-Home Community in Fremont, Calif.
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Decoto Crossing Is Ideally Located on Thoroughfare Between Fremont and Palo Alto, Near Employers, Shopping and Recreation
FREMONT, CA -- (Marketwired) -- 05/26/16 -- Presidio Residential Capital and The Grupe Company plan to build a 1.6-acre community with 10 single-family homes called Decoto Crossing, which will be located at 3068 Decoto Road in Fremont, Calif. Presidio and Grupe will break ground on this project late this summer, and the new neighborhood is scheduled to be completed by November 2017. Sales are expected to begin in spring of 2017. The retail value of this residential community will exceed $12 million.
"Fremont has become a hub of high-tech employment, including Tesla, the birthplace of electric car production," said Mark Fischer, president of Grupe. "We look forward to building and selling this project with our new partner Presidio Residential Capital."
Decoto Crossing will offer one- and two-story single-family homes ranging from 1,900 to 2,400 square feet on lots averaging 5,000 square feet. Centered around a beautifully landscaped private courtyard, the homes will feature tile roofs, granite countertops, covered front porches and the latest in energy-efficient features. All homes will be pre-wired for car-charging stations.
"We believe that the greater Fremont area has room for private growth, and we think that this product will be well received by the market," said Don Faye, co-principal at Presidio Residential. "We have known The Grupe Company for years and are pleased to close our first project with them."
Located less than a half mile from Brookvale, a community shopping center, Decoto Crossing is also close to major employers, including Tesla, Washington Hospital, Palo Alto Foundation, Seagate and Micro Technology, among others. The Alameda Creek Trail, which connects to Quarry Lake Regional and Recreational Park, is directly adjacent to Decoto Crossing.
For commuters, the community is ideally located on a direct thoroughfare to the Dumbarton Bridge that connects Fremont and Palo Alto. In addition, this new residential neighborhood is one mile east of Freeway 880, two miles west of Highway 238, 1.2 miles from the Union City BART station and four and a half miles from the Fremont BART station.
PanCal Decoto is the seller, and Collier Commercial was the broker on this deal.
According to the National Association of Home Builders' formula to determine the local impact of single-family housing in typical metro areas, adding 10 single-family homes will generate $2.9 million in local income, $360,000 in taxes and other revenue for local governments and 39 local jobs.
About Presidio 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.
About Grupe For more than five decades, the experience and creativity of the Grupe management team has shaped the future and significantly contributed to the American standard of living. Headed by Greenlaw "Fritz" Grupe, co-founder alongside president Mark Fischer and CEO Jeremy White, Grupe's executive team includes young entrepreneurial managers as well as many seasoned professionals who have been committed to the company's success since its founding. Grupe has created 12 master-planned communities and more than 50,000 lots and homes in 35 cities nationwide. For more information, please visit www.grupe.com.
Media Contacts: Anton Communications Vanessa Showalter [email protected] Genevieve Anton [email protected]
Source: Presidio Residential Capital
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