Pebble Creek Companies, Casbri Development, and Presidio Residential Capital have closed on 6.2 acres in western Lakeside, California, where the joint-venture partners plan to build Riker Ranch, a development with 20 single-family homes. The retail value of this community is expected to exceed $14.3 million.
The new homes will feature three floor plans (one single level at 2,800 square feet and two two-story homes ranging from 2,836 square feet to 3,009 square feet). These residences will be priced from the high $600,000s.
“We are thrilled to provide much-needed housing in San Diego’s East County,” says Gary Arnold, principal and co-founder of Pebble Creek Companies. “The extension of the 52 Freeway through Santee to SR-67 opens up this market to commuters and move-up buyers, among others. We expect these homes to sell quickly.”
Riker Ranch is easily accessible from the I-8 and the 52 Freeway and is located within the Lakeside Union School District, which allows children to open enroll in any school, including the top-ranked River Valley Charter School. Riker Ranch is a joint venture project with Presidio Residential Capital, a San Diego-based real estate investment company.
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 20 single-family homes will generate $6 million in local income, $756,000 in taxes and other revenue for local governments and 83 local jobs.