Presidio Residential Capital, a real estate investment company, has partnered with homebuilder Watt Communities on a six-acre, 55-unit community on Madison Avenue that will offer the first new homes to be built in the Fair Oaks/Carmichael area in two decades. The $18 million project will break ground in April.
"This is a fantastic opportunity because there haven't been any new home communities built in this area for more than 20 years," said Presidio Residential Capital Principal Don Faye. "This location is ideal because it offers the opportunity for people to buy a brand new home in an established neighborhood with beautiful old oak trees and services."
Designed by KTGY Architects, The Village at Fair Oaks will offer three- and four-bedroom two-story homes with two-car garages, generous open space with a sitting area under mature oak trees, and 32 guest parking spots. Watt Construction expects the build-out to take two years. Decorated model homes are slated to open in summer 2014.
The community is located within 10 miles of major employers, including Intel Corp., Delta Dental and Aerojet Rocketdyne, and close to Sunrise Mall and Sleep Train Arena, home of the Sacramento Kings. Pedestrian access and bike trails to the American River are two miles away, and community residents will also have access to boating and rafting on the nearby Sacramento River.
According to the National Association of Home Builders' formula to determine the local impact of single-family housing in typical metro areas, adding 55 single-family homes will generate $11.6 million in local income, $1.2 million in taxes and other revenue for local governments, and 178 local jobs. Watt Construction estimates the project will create 100 temporary construction jobs.
Watt Communities, based in Santa Monica, is re-entering the Northern California new home marketplace after a hiatus because the company is confident about the market's comeback.
"Our company's goal is to acquire land wisely and build communities according to what the homebuyers are seeking," said Watt Communities Division President Kevin Webb. "The Village at Fair Oaks is an excellent example of that approach to development."