Nine Luxury Condominiums Already Sold as Demand Soars for Homes Located on the Fairways of the Troon North Golf Club
SCOTTSDALE, AZ--(Marketwired - Nov 9, 2015) - Presidio Residential Capital and Family Development will open model homes in mid-November at The Ridge at Troon North, a 66-unit community on the fairways of the Troon North Golf Club in Scottsdale, Ariz. Nine units have already been sold at The Ridge, the project is expected to be completed in Spring 2017. The retail value of this project will exceed $30 million.
"We are fortunate to have partnered with Family Development Group on this project," said Phil Rush, asset manager for Presidio Residential Capital. "We think this product will be well received by the market."
Thirteen Southwest-style 5-Plexes will be built by Family Development on the site that already has seven existing buildings with 35 units already completed for a total of 100 homes in the community. The community is located on the fairways of Troon North Golf Club which is on Dynamite Road approximately two miles east of Pima Road in North Scottsdale. Upon purchasing the property, which had been in foreclosure since 2007, Family Development took the same footprint of the existing buildings and completely re-designed all of the interiors to arrive at five brand new floor plans.
Each building at The Ridge will feature five condominiums with two units on the ground level and three units on the second level. All of the units will feature two- and three-bedroom homes ranging in size from 1,381 to 2,088 square feet (most with two-car garages), and will be priced from the low $300,000s to the low $500,000s.
Since Family Development recently sold out of its final phase of homes at a similar community nearby, Pinnacle Pointe, demand for the homes at The Ridge has outstripped supply explains Family Development principal, Vincent Barbato. For that reason -- and to accommodate seasonal buyers -- Family Development released their first two phases of homes earlier than expected.
"We have found that in this area there are a lot of local residents who are looking to simplify their lives," Barbato said. "They love the Troon North area and want to stay here, but they do not want the headaches and high costs of maintaining a large home anymore. The homes that we are offering at The Ridge are so popular because they offer incredible views and a prime location along with luxurious amenities, yet in a much more manageable size and configuration. Residents do not have to compromise on anything and they love the low-maintenance lifestyle."
The Ridge at Troon North offers resort-style living at its finest with high-end amenities including an impressive gated entry, a community pool and spa, a fitness center and a barbecue area. The lush, impeccably crafted Pinnacle Course of Troon North Golf Club is just outside the door.
With nine-foot ceilings, the sunny interior spaces will have designer ceramic tile, plush carpet, granite countertops, elegant birch cabinetry, Bosch stainless steel appliances, cultured marble countertops and surrounds, extra-large master bedrooms with patio access and master baths with luxurious relaxing tubs and large showers. Energy-efficient features include dual-glazed low-E windows and sliding glass doors, SEER 14 air conditioning with R-8 insulated ducting, tankless water heaters, low-water toilets and weather stripping. Optional exterior fireplaces are available for most plans.
Located conveniently close to hiking trails, golf, restaurants and entertainment, The Ridge at Troon North offers outstanding mountain and valley views and convenient access to main thoroughfares and employment centers.
"It's close to everything," Barbato said. "There's shopping within a few minutes' drive, and the 101 Freeway is less than 10 miles away. Yet because of the topography, you feel like you're at a resort on vacation."
A temporary sales office is located in the gym at The Ridge at Troon North (10260 E. White Feather Lane in Scottsdale). For more information, call (480) 431-9377 or visit www.theridgetroonnorth.com.
The project is the first joint venture between Presidio and Family Development Homes.
According to the National Association of Home Builders' formula to determine the local impact of single-family housing in typical metro areas, adding 100 single-family homes will generate $28.7 million in local income, $3.6 million in taxes and other revenue for local governments and 394 local jobs.
Presidio Residential Capital is a real estate investment company focused on the residential housing sector. Headquartered in San Diego, Calif., the firm provides capital for the entitlement, development and build-out of for-sale residential projects throughout the Western United States. Presidio has infused more than $500 million into the economy to capitalize the housing industry. The firm's goal is to fund an additional $250 million in capital for home-building projects in the Western United States, and it currently has investments in Arizona, California, Colorado, Nevada, and Washington. The firm is affiliated with a privately held registered investment advisor specializing in alternative investment strategies who has a long history of investing in the home-building sector. Current assets under management total more than $2 billion. Presidio is a member of the Building Industry Association of San Diego.