San-Diego based Presidio Residential Capital is partnering with Coastal Community Builders in plans to build Seaside Villas, a $5.43 million .38-acre community with eight detached three-story townhomes in Pismo Beach.
Groundbreaking is scheduled for April 2015, with a grand opening in late spring or summer of 2015.
“Development in Pismo Beach has nearly been nonexistent for the past few years and with increasing housing demands on the Central Coast, especially in beach-front locations, this development is a perfect option for a variety of buyers,” said Presidio principal Paul Lucatuorto.
Coastal Community Builders is the developer, builder and broker for Seaside Villas.
According to Presidio, its goal is to fund an additional $600 million in capital for home-building projects in the western U.S., and it currently has investments in California, Idaho, Nevada, Texas and Washington. The company said it has more than $2 billion in assets under management.