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Description
Villages of Patterson
Executive Summary
Our Offer: Unique California investment opportunity
- 192 units multifamily site
- Parcels located in a 692-acre master plan development (Villages of Patterson)
Proven Opportunity: Major developers invest and sales prices climb
- Two major public developers are building and seeing significant returns with VOP
(K. Hovnanian and KB Homes) - Absorption rates are greatly exceeding expectations
- Sales prices have increased $200,000 to $250,000 per home within 24 months
Growth City: Patterson is a centrally located California city with charm
- Underpenetrated upcoming city in California
- On Interstate 5, a critical link to Interstate 580, and the Bay Area;
- Close to State Hwy 99, which links cities in the Central Valley including Sacramento
“Demand [for new homes] is strong as the
concept of ‘home’ has taken on renewed
importance for work, study and other
purposes in the COVID era.”
– NAHB Chairman Chuck Fowke
Village of Patterson
Site Details
Site For Sale Please call for pricing
City: Patterson, CA County: Stanislaus Acres: 9.3
Zoning: High, Medium, or Low Density Residential with a
range of 502-729 lots.
Status: Plan Entitled, covered by a development agreement
Patterson Details
- VOP project approved and vested
- 692 Acres Master Planned Development
- 3,100 approved housing units in VOP
- Two of the three planned schools are completed within VOP
- $67M CFD formation for overall infrastructure
- Patterson maintains a small town feel and family orientated values
Village of Patterson
Development Overview
Villages of Patterson Overview
- 692-acre Master Planned Community, annexed and entitled for development
of 3,100 housing units. - New local industries include Amazon (1 million SF facility), Restoration
Hardware (1.5 million SF site), CVS, Kohls, Grainger distribution centers, Traina
Foods, and other major employers.
Investors continue to see development success in VOP
Investor
Homes Build &solid (Last 2 Years)
Building/Coming to Market
KB Homes
187 homes
Additional 205 lots purchased
K. Hovnanian
99 homes
Building 245 homes
Other
Investors
18 triplexes for the
rental market
50 acres are trading paper on other
sites; 2 apartment sites scheduled
Self Help Enterprise
>200 units of affordable housing
Single Family – 2nd stage development
Village of Patterson
Market Opportunity: High demand for residential properties in Patterson
Patterson’s growth is in multiple sectors…
Residential Home Market Growth
Commercial Market Growth
Median Sale Price
$533,5000 (+9%)
New Properties
6.5 million SF of property 2011-2018
Median Rental Price
$2,650 (+46% in 1.5 years)
New Jobs
~4,300 new jobs created from commercial
expansion 2011-2018
Home Appreciation
Rates
2021 (+25.45%) – higher than 93% in the nation
New Retail
Services
Walmart, CVS, Walgreens, restaurants, hotels and
banks built in last 10 years
Time on
Market
<14 days (often with multiple offers/waived contingencies)
Patterson
Projects
Home Absorption Rate
15-17 units per month
…driven by two key economic value drivers
1. Increased Demand from the Bay Area and the East Bay
Bay Area high rents and remote work policies push buyers to more affordable markets (typical buyer is from the East Bay)
2. Growth in the Local Economy
Economy has strengthened from an increase of distribution centers from Amazon, CVS, Restoration Hardware, Kohl’s (past 7 years)
Village of Patterson
Patterson apartment prices continue to increase
Village of Patterson
VOP Sites Available
Village of Patterson
Site 25
Village of Patterson
Site Plan Option A2
Concept First Floor 16 Unit Building
Option A2
Village of Patterson
Square Footage Calculations
Village of Patterson
Major developers are already taking advantage of the opportunity
Model
1,450 SF
1,769 SF
1,934 SF
2,308 SF
Q4 2020
$387,000
$396,000
$408,000
$423,000
Q4 2022
$495,990
$521,990
$536,990
$569,990
Model
1,912 SF
2,189 SF
2,489 SF
Q4 2020
403,990
$432,990
$448,990
Q1 2022
$567,490
$593,490
$626,490
Village of Patterson
Patterson is a quaint and beautiful city poised for growth
During the first weekend in June, downtown Patterson hosts the Apricot Fiesta.
Titled the “Apricot Capital of the World” back in 1971, this celebration features
a schedule of events and entertainment, pageants, food vendors,
an arts and craft fair, parade, kids zone, bake contest and fireworks.
Village of Patterson
Contact Info
Contact: Mr. David Polatnick
Company: Polatnick Properties, Inc.
Website: https://www.polatnickproperties.com/
Lic# 01133918
O: 415-442-5005
C: 415-305-4836
E: david@propertyx.com
Polatnick is part of the ownership of the VOP development
This information is confidential and is furnished to prospective purchasers of the property described herein solely to assist in their evaluation and consideration of the property purchase. It is not to be copied and/or used for any other purpose or made available to any other person without the prior written consent of Polatnick Properties, Inc. or the Seller.
Although the information contained in this Memorandum is believed to be accurate and reliable, neither the Seller nor its Advisor guarantees its accuracy or completeness. Because of the foregoing and because the property will be sold on an as-is basis, prospective purchasers should make their own independent assessments, investigations and projections regarding the property. Although additional material, which may include engineering, environmental or other reports may be provided to certain prospective purchases as appropriate, such parties should confer with their own engineering and environmental experts, counsel, accountants and other advisors.
The Seller reserves the right, for any or no reason to withdraw the property from the market. The Seller has no obligation, express or implied to accept any offer. Further, the Seller has no obligation to sell the property unless and until the Seller executes and delivers a signed contract of sale on terms acceptable to the Seller in its sole discretion which has been duly approved by Seller’s shareholder. By submitting an offer, the offeror will be deemed to have acknowledged the foregoing and agreed to release the Seller and its Agent from any liability with respect thereto.
Inquiries, tours and offers should be directed to Polatnick Properties, Inc. To facilitate analysis of offers, Offerors are encouraged to provide information relative to funding sources, experience in developing similar properties, familiarity with the market and any other information which is likely to reflect favorably on the Offerors’ ability to close the proposed transaction in a timely manner
