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9/10/18
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Watt Communities and Presidio Residential Capital recently broke ground on a 43-unit, gated residential community in the San Fernando Valley called New Heights. Vertical constructionof the $25 mil project is scheduled to begin in December of 2018.
New Heights will offer lots ranging in size from 1.9k sf to 2.3k sf at the infill site, which is located at 22135 Roscoe Blvd in West Hills, just off the 101 Fwy in the northwestern Valley. West Hills offers small-town, family-friendly charm with many trees and parks and is just 30 minutes from downtown Los Angeles.
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 43 single-family homes will generate $12.3 mil in local income, $1.5 mil in taxes and other revenue for local governments and 30 local jobs.
This project is Watt Communities’ 5th joint venture project with Presidio Residential Capital, a San Diego-based real estate investment company.
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