LAS VEGAS, May 23, 2018 (GLOBE NEWSWIRE) -- Summit Homes of Nevada and Presidio Residential Capital have acquired 4.31 acres of vacant land on West Centennial Parkway in northwest Las Vegas and plan to build Centennial Estates, a new infill neighborhood offering 18 single-family detached homes. The retail value of this community is expected to exceed $8.8 million. The project is expected to break ground in October of 2018.
“Demand for quality housing in Las Vegas continues to outstrip supply as this market keeps on sizzling,” said Nathan White, division president for Summit Homes of Nevada, a local, family-owned builder. “Demand for single-level homes is extremely high right now, and we designed these flexible homes to meet the needs of growing families as well as empty nesters.”
The single-story homes with three-car garages will range from 2,980 to 3,300 square feet on lots averaging 8,850 square feet. The homes will have granite countertops, paver driveways, large windows and doors and large kitchens with energy-efficient appliances. RV gates will be available as optional features. Prices are projected to start in the mid $400,000s.
The neighborhood, located along Centennial Parkway and just west of North Fort Apache Road, is less than 1 mile from the 215 beltway and less than three miles from U.S. Highway 15 and offers easy access to the Las Vegas Strip and downtown Las Vegas. It is close to shopping, services and employers, including Nellis Air Force Base.
Centennial Estates, expected to be open for sale in February, 2019, is Summit Homes of Nevada and Presidio Residential Capital’s 15th joint venture to date.
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 12 local jobs.
About Summit Homes of Nevada Summit Homes of Nevada is owned and operated by the White family, second generation homebuilders who have built more than 5,000 homes in Nevada. The team at Summit Homes has deep roots in the region and is committed to delivering top-notch customer service. www.summithomesnv.com
About Presidio Residential Capital Presidio Residential Capital is a real estate investment company focused on the residential housing sector. Headquartered in San Diego, California, the firm provides capital in the form of joint ventures for the entitlement, development and build-out of for-sale residential projects throughout the Western United States. Presidio has infused more than $1 billion into the economy to capitalize the housing industry. The firm’s goal is to invest in excess of $150 million in capital for home-building projects in the Western United States in the next 12 months. It currently has investments in Arizona, California, Nevada, Colorado and Washington with current committed capital of $800 million focused on 100+ projects. The firm is affiliated with a privately held registered investment advisor specializing in alternative investment strategies who has a long history of investing in the home-building sector. Current assets under management total more than $2.5 billion. Online and social media: www.presidioresidential.com , Facebook , Twitter and LinkedIn .
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