Feb. 21--San Diego-based real estate investment company Presidio Residential Capital says it has partnered with Santa Monica home builder Watt Communities to build an $18 million, 55-home community on six acres along Madison Avenue, just south of Citrus Heights.
Officials said ground will be broken in April on The Village at Fair Oaks, bounded by Madison Avenue, Dewey Drive and Palm Avenue.
The Village at Fair Oaks will offer three- and four-bedroom, two-story homes designed by KTGY Architects. Homes will have two-car garages, open space, sitting areas and 32 guest parking spots.
Watt expects the build-out to take two years. Decorated model homes are slated to open this summer.
"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 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."
Watt Communities said it is re-entering the Northern California new-home marketplace after a hiatus because it 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 Kevin Webb, Watt Communities' division president. "The Village at Fair Oaks is an excellent example of that approach to development."
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