Construction planned for $17M in Napa luxury homes
Eighteen new Napa luxury homes are scheduled be ready for buyers in summer 2016.
Presidio Residential Capital, a real estate investment company based in San Diego, and Lafferty Communities, a luxury home builder in San Ramon, plan to break ground this winter on Brioso, a development on 7.19 acres on Orchard Avenue.
Presidio has committed $11.6 million towards building the community. Retail value of this project is expected to exceed $21.8 million.
“This is the third project we have undertaken with Lafferty Communities and we are excited to move forward with this high quality project in a supply constrained market such as Napa,” said Phil Rush, asset manager at Presidio.
Brioso, which means “lively” in Italian, is set to have several designs, including “Tuscan” and “Napa Rustic,” with lots of a median size of 13,466 square feet, or 0.3 acres. The single-story homes will have private wine-tasting rooms, vaulted ceilings and spa-style master bathrooms.
“Adjacent to beautiful vineyards and nestled beneath the Mayacamas Mountains, the project offers a unique setting within the world-renowned Napa/Sonoma wine region,” said Rick Lafferty, president and CEO of Lafferty Communities.
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 18 single-family homes will generate $5.1 million in local income, $648,000 in taxes and other revenue for local governments and 71 local jobs.
Lafferty Construction Company is the general contractor for the project.
Later this fall, Lafferty and Presidio will break ground on Amberfield, an environmentally friendly 36-unit community located on 9.84 acres in Brentwood.
Presidio’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. Current assets under management total more than $2 billion.
