Aug 12 2015
Presidio Residential Capital and Lafferty Communities will break ground this winter on Brioso, an 18-unit community on 7.19 acres on Orchard Avenue in Napa, Calif. A grand opening is scheduled for summer 2016. Presidio has committed $11.6 million to help build this community. The retail value of this project will 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 will offer several different home plans with elevations including Tuscan and Napa Rustic on spacious lots with a median size of 13,466 square feet. The single-story homes will have private wine tasting rooms, vaulted ceilings and spa-style master bathrooms.
"Brioso is located in the famous Napa Valley and consists of large lots and 100 percent value-add single-story designs," said Rick Lafferty, president and CEO of Lafferty Communities. "Adjacent to beautiful vineyards and nestled beneath the Mayacamas Mountains, the project offers a unique setting within the world-renowned Napa/Sonoma wine region. The project adds to a growing portfolio of Presidio's quality assets with Lafferty Communities."
Brioso residents will have immediate access to the region's vineyards, including the award-winning Matthaisson Vineyards, and stunning views of the Mayacamas Hills to the west. The community is close to major employers including Sutter Home Vines, Queen of the Valley Hospital and Kaiser Hospital as well as top-performing schools and nearby open space and neighborhood parks.
Lafferty Construction Company is the general contractor.
"The Lafferty team is very appreciative of the continued support from Presidio and looks to the future with great optimism to further expand the relationship," Lafferty said.
Later this fall, Lafferty and Presidio will break ground on Amberfield, an environmentally friendly 36-unit community located on 9.84 acres in Brentwood, Calif.
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.
Source: http://www.presidioresidential.com/