Santa’s come early! Just two days before Christmas, we are pleased to announce that we are now offering a generous $50,000 incentive on every home at StoneHaven Estates II. Oh, joy…Dreams do come true! Ho, ho, ho! Act now and next year, you can be in your brand new home at StoneHaven Estates II for the holidays.
Nine out of 10 of these new projects have been financed using traditional third-party debt and equity the builder is reporting.
Over the past 15 months, Warmington Residential California has closed escrow or is preparing to close escrow on 10 new single-family home developments representing 235 units in locations throughout southern and northern California. These include projects located in Chatsworth, Ladera Ranch, Vista, and Encinitas (2) in Southern California; and Davis, Sacramento, Hayward, San Jose and one other in Northern California
The total combined acquisition costs for these 235 single-family units will be approximately $50 million and Warmington is projecting that the sale of homes in these 10 projects will generate nearly $190 million in revenue.
The majority of these new units are single-family detached homes with the exception of San Jose, where Warmington will build and sell 86 town home units. Prices within these new communities range from the upper $300,000s to over $1 million. Six of the 10 new sites are now active and Warmington has begun constructing and selling homes.
Despite on-going challenges among private home builders to secure third-party financing for new projects, the bulk of these acquisitions were completed using institutional capital and traditional construction loans. In acquiring these deals and others, Warmington formed a strategic affiliation with two joint venture partners, IHP Capital Partners and The Resmark Companies, whose goals include aligning with “high-quality builder/developer partners in single-family attached and detached residential communities . . . whose principals have demonstrated an ability to successfully manage their business during divergent business cycles.”
Currently, Warmington’s acquisition strategy includes identifying sub-markets that display strengthening demand and stabilizing prices. Primarily this includes infill locations within positive employment areas and low resale distress.
“We have concentrated our efforts on projects not sought after by the bigger, public builders, who generally favor those with higher lot counts and finished lots,” said Jim Warmington, Jr., president and CEO of Warmington. “In most cases, this has naturally steered us to smaller properties. We have been able to leverage the Warmington reputation and often are able to build a personal relationship with the sellers, allowing us access to many “off market” opportunities.”
Warmington said that this includes locations where the opportunities for obtaining entitlements and project approval are very limited and exclusive, or where the built-out status makes available land unusually rare and highly sought after by new home buyers; as well as locations where it’s possible to offer product that will be unique in the market place due lot sizes or configurations that allow special features such as single story homes, four-car garages, detached casitas, and others.
By offering niche neighborhoods in desirable locations where supply may be limited, Warmington is able to gain market share by presenting new and unique opportunities within established residential neighborhoods. This strategy is paying off in that it’s allowed Warmington to continue to open new projects, record new sales, retain employees, and foster its relationships with lenders and partners.
The Warmington group of companies also is actively developing approximately 800 apartment homes within three Las Vegas communities, which are in various stages of production and leasing.
The Southern California Division of Warmington and the group’s corporate headquarters are located at 3090 Pullman Street in Costa Mesa, CA 92629. For more information, visit www.HomesByWarmington.com or call (714) 557-5511.
Davis? Yes! Mahogany Lane is now offering spacious BRAND NEW HOMES within this idyllic residential setting for prices that begin from the mid-$600,000’s.
Lovely residential neighborhoods, excellent schools, a vibrant downtown with shops, restaurants, coffee houses and a weekly farmer’s market, the “college town” vibe with the presence of the University of Davis, and more characterize this special locale. Plus Davis is known as one of the most bicycle friendly communities in the US. All of this and its reputation for offering the availability of more affordable housing make Davis a very desirable place to call home.
Now with the introduction of Mahogany Lane by Warmington Residential California, home buyers have a really exciting opportunity to purchase a brand new and spacious family-size home in south Davis for prices that may surprise you. Plus, right now, we have some AMAZING and very generous Year End Specials that are available right now. Come see us!
Welcome to the Warmington Residential Blog! We wanted to have a place where we could publish good news and important updates regarding our companies. We wanted to do so in a way that wasn't too long (but sometimes we have things to say that take more than 140 characters!). We'll hope that you will check back often.