$30 million, 115-home development set for Tulare
November 30, 2017 6:36am
• Entry-level community expected to open for sale in Spring 2018
• Latest development by San Joaquin Valley Homes and Presidio Residential Capital
A new residential community called “Brighton” with 115 detached single-family homes more than 72 acres in Tulare is to be built by San Joaquin Valley Homes and Presidio Residential Capital.
Construction on model homes is scheduled to begin in January 2018, and the neighborhood is expected to be open for sale next spring. The retail value of the project is estimated by the developers to exceed $30 million.
“Brighton is ideally located for families and professionals with easy access to employment and entertainment opportunities in the Central Valley,” says Danny Garcia, vice president of sales at SJV Homes.
The development will feature entry-level homes with five floor plans ranging from 1,574 to 2,314 square feet and a move-up line ranging from 2,000 to 2,831 square feet on lots averaging 7,226 square feet. It will include a community park and a pond.
Founded in 2013 by Joe Leal, Jim Robinson and Randy Merrill, SJV Homes sold its 1,000th home in September. Brighton is SJV Homes’ 16th 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.
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 115 single-family homes will generate $33 million in local income, $9 million in taxes and other revenue for local governments and 453 local jobs, says SJV Homes.