SYLMAR, CA—Presidio and Williams Homes have broken ground on Foothill 74, a community with 74 townhomes that will provide attainable workforce housing to the community. The townhomes will be priced in the $300,000 range, and will be available for sale beginning in January 2016. The development will be complete and ready for owner occupancy in 2017.

“This is an infill project in the L.A. market. As the economy has continued to be positive, buyers have more confidence and want to own their own homes and there is a lack of supply in that market,” Don Faye, principal at Presidio Residential Capital, tells GlobeSt.com. In Sylmar, the median price tag for a home is $535,000, and prices are escalating. These homes will fill the void for attainable and family-oriented workforce housing.  

Presidio has committed $8.1 million in capital to the project, which has a total cost of $28.8 million. “It was an opportunity to do business with one of the best private builders in that market,” says Faye. “Williams Homes is experienced, professional and we consider them to be a great partner. This type of project is a perfect example of the type of investments we look for. A supply constrained market with a top quality builder.”

Located on Foothill Boulevard in Sylmar, the community will be a mix of three-, four- and five-bedroom floor plans ranging in size from 1,738 square feet 1,901 square feet. The homes will feature two-car garages, dual-paned windows, ceramic tile flooring, in-unit laundry rooms, stainless steel appliances, granite countertops and recessed lighting.

Presidio is also in the midst of developing a 36-unit apartment community in Brentwood, CA. The $20.4 million property will open in early 2016.