PRESIDIO RESIDENTIAL CAPITAL AND SUMMIT HOMES OF WASHINGTON BREAKS GROUND ON COPPER RIDGE IN ISSAQUAH, WASH.
New Neighborhood Next to Issaquah Highlands Will Offer 15 High-End Homes
Presidio Residential Capital and Summit Homes of Washington recently broke ground on Copper Ridge, a 15-unit community on 4.59 acres at 24424 S.E. Issaquah-Fall City Road in East King County. The first home sales are expected to close in December 2015. The retail value of this project will exceed $11.7 million.
“Copper Ridge is ideally located in an area that consistently holds its value because
Issaquah is one of the most desirable places to live in the Northwest,” said Tim Easter, vice president of sales and marketing for Summit Homes of Washington. “Issaquah experiences some of the highest appreciation rates in King County, comparable to waterfront areas on Puget Sound and Lake Washington.”
Located next to Issaquah Highlands, an award-winning master-planned community currently under development and construction, Copper Ridge is under 10 minutes from shopping and major amenities, 20 minutes to Bellevue and 25 minutes to Seattle.
The two- and three-story single-family detached homes on 40-foot sites will range from 2,800 to 3,300 square feet with four to five bedrooms, two and a half to three baths and two- to three-car garages. Several upgrade options will be available for the homes, which will be priced from the high $700,000s to the mid $800,000s.
Presidio Residential Capital and Summit Homes of Washington have partnered on 10 projects with more than 300 units in Washington.
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 15 single-family homes will generate $4.3 million in local income, $540,000 in taxes and other revenue for local governments and 59 local jobs.
Presidio Residential Capital is a real estate investment company focused on the residential housing sector. Headquartered in San Diego, Calif., the firm provides capital for the entitlement, development and build-out of for-sale residential projects throughout the Western United States. Presidio has infused more than $500 million into the economy to capitalize the housing industry. The firm’s goal is to fund an additional $250 million in capital for home-building projects in the Western United States, and it currently has investments in Arizona, California, Colorado, Nevada, and Washington. 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 billion. Presidio is a member of the Building Industry Association of San Diego. Online and social media: www.presidioresidential.com, Facebook, Twitter and LinkedIn.