San Joaquin Valley Homes and Presidio Residential Capital to build neighborhood offering 134 single-family houses in Tulare
TULARE – Housing in Tulare County is one of the biggest problems facing the Valley’s economy. Economist Chris Thornberg says the lack of single-family home construction is concerning because it will mean higher overall prices for homebuyers.
“It’s because we don’t build enough,” Thornberg said at a conference in May of this year. “We only have half of the building permits we need annually.”
Fortunately, developments are beginning to pop up around the county. San Joaquin Valley Homes (SJV Homes) and Presidio Residential Capital is scheduled to break ground this month at Kensington — a new residential community offering 134 detached single-family houses priced from the low $200,000s.
The neighborhood is expected to be open for sale by Spring of 2019. The retail value of this project is estimated to exceed $33 million.
“With this beautiful new community, we’re offering growing families and young professionals an opportunity to live within one of the most desirable areas in the Central Valley,” said Danny Garcia, vice president of sales at SJV Homes. “With this price point, we believe we’ve hit a particularly sweet spot in this marketplace, and we expect these homes to move quickly.”
Kensington will offer 134 garden houses with three plans ranging from 1,297 – 1,597 square feet, all on lots averaging 6,000 square feet. The community will include a park and a pond.
Located about one mile east of State Route 99, a major Central Valley transportation corridor that connects Fresno to the north and Bakersfield to the south, Kensington is on Cartmill Street immediately west of Mooney Boulevard, next to SJV Homes’ sister community called Brighton in Visalia. The community is a 45-minute commute from Lemoore Naval Air Station and south Fresno.
This is a 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. To date, SJV Homes and Presidio have partnered on 22 projects totaling more than 2,475 units.
Founded in 2013 by Joe Leal, Jim Robinson and Randy Merrill, SJV Homes closed on its 1,000th home in September 2017, making it one of the region’s most active homebuilders.
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 134 single-family homes will generate $76 million in local income, $9.5 million in taxes and other revenue for local governments and 1,044 local jobs.