Dec 15 2014
Mana Investments, an alternative investment firm focused on real estate, has partnered with Van Daele Homes, a family-owned homebuilding company, to build Esperanza, a 12-acre infill development site on Diana Street with 52 luxury single-family homes within walking distance of downtown Morgan Hill in the Silicon Valley. Construction will begin in the first quarter of 2015.
"We acquired Esperanza because it was one of the few single-family detached projects in Morgan Hill with allocations in place to build homes," said Orville Power, managing partner for Mana Investments. "Our objective was to maximize our profit by venturing with a homebuilder. Ultimately, we have formed a lasting partnership with Van Daele Homes, a best-in-class builder, and we're partnering with them on several of our assets in the Northern California market place."
In addition to Esperanza, Mana Investments is developing five communities in Morgan Hill including the first institutional sized rental housing project to be built in the city in 20 years.
Currently an orchard surrounded by housing, Esperanza will include 46 detached and six attached luxury homes on 7,000-square-foot (and larger) lots. Seventeen single-story homes will have indoor/outdoor space and California rooms. Esperanza residents will have access to a barbecue area, a bocce ball court and a park named after the family of the late local farmer George Peter Bagoye, who sold Mana the property.
Offering a small-town feel with excellent access to the Silicon Valley employment base, Morgan Hill is located about 12 miles south of San Jose, 10 miles north of Gilroy and 15 miles inland from the Pacific Coast. With the Santa Cruz mountain range to the west and the Diablo mountain range to the east, the area provides spectacular views, abundant parks and open spaces. Caltrain connects commuters to San Jose's light rail systems throughout the Bay Area.
John Telfer of South County Realty was the broker on the deal representing the Bagoye Family.
According to the National Association of Home Builders' formula to determine the local impact of multifamily housing in typical metro areas, adding 52 single-family homes will generate nearly $11 million in local income, $1.1 million in taxes and other revenue for local governments and 168 local jobs.
About Mana Investments
Mana Investments, Inc. is an alternative investment firm focused on real estate. Backed by a single-source institutional partner, Mana Investment's programmatic platform allows the firm to leverage its capital relationship by functioning as a joint venture partner with local experts. Established in 2012, Mana Investments has acquired more than 2,700 lots in California in just two years. http://manainv.com/
Source: http://manainv.com/