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Williams homes reaches $4.1 million agreement

Posted: October 17, 2013 2:00 a.m.
Updated: October 17, 2013 2:00 a.m.

The Valle Di Oro new home community in Santa Clarita held its grand opening in May. Williams home entered into agreement for a residential subdivison in Fillmore.

 

Williams Homes of Santa Clarita has entered into a $4.1 million joint venture agreement for the acquisition and development of a 45-lot residential subdivision in Fillmore.

The development, the Edgewood, is the private builder’s second project in Fillmore. The completed value of the development is estimated to be $20 million, said a spokesperson for the builder.

The agreement is a principal to principal joint venture equity deal arranged by Johnson Capital who brought in a single private investor for the purchase of the land and new home development. Dennis Cisterna, Johnson Capital’s senior vice president in the firm’s Los Angeles office closed the deal in less than 30 days.

Last year Williams Homes purchased sites in foreclosure, and built over 80 single-family homes in Santa Paula and Fillmore in 2012. In April of this year, the builder bought improved lots from a bankruptcy receiver to build Valle Di Oro - 79 single-family detached homes in Santa Clarita off Golden Valley and Sierra Highway

“We have been very aggressive in the last few years with moves that solidified our position as one of the most active developers in the region,” said Lance Williams, president and CEO of Williams Homes.

Since 1996 Williams Homes has sold more than 500 homes in 30 communities worth in excess of $200 million, the company said in a statement to the press.

The builder currently has 600 more units in development or under construction throughout Southern and CentralCalifornia with a completed value of approximately $300 million.

Home prices in the Fillmore project will start in the high $300,000s and homes average will 2,400 square feet.

It was critical to align with a strong and flexible capital advisor like Johnson Capital that allows Williams Homes to further to seek out the best locations, Williams said.

“Johnson Capital has been a pleasure to work with, as their principals understand the complexities, challenges and opportunities inherent in residential development,” he said.

To help manage its growth, Williams Homes also announced that it recently appointed four people to key appointments, a spokesman said.

Joavan Tseng has been appointed as executive vice president and chief financial officer, Elisabeth Berg as senior project manager, Scott Smith as project manager, and Steve Johnson as director of construction operations for the Central Coast Division.

Williams Homes has also been recently named Builder of the Year by the Building Industry Association of Southern California’s Los Angeles/Ventura chapter, said a spokesperson. Williams will accept the award at BIA’s annual awards in November.

 

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