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Villages Of Patterson

Description


Executive Summary

Our Offer: Unique California investment opportunity

  • 5 sites with 83 acres of approved land
  • Site 35 & 39 – 46.2 acres – 243 lots – tentative map approved
  • Site 52 – 20.3 acres zoned 5 units to the acre – 78 lots pending tentative map
  • Site 25 9.8 acres zoned up to 20 units to the acre 175 units +/-
  • Site 25 5.5 acres zoned 5 – 12 units to the acre (29 to 69 units)

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 since the start of the development

Growth City: Patterson is a centrally located California city with small town 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


Site Details

Site For Sale      Please call for pricing

City: Patterson, CA   County: Stanislaus  Acres: 83+/_
Zoning: High, Medium, or Low Density Residential with a range of 502-583 lots.
Status: Entitled, covered by a planned development agreement with tentative maps and pending final maps.

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 


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 & Sold (Last 2 Years)

Building/Coming to Market

    KB Homes

187 homes

Additional 205 lots purchased

K. Hovnanian

194 homes

Building 25 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

High demand for residential properties has created a single family home development opportunity in Patterson

Patterson’s growth is in multiple sectors…

Residential Home Market Growth 

Commercial Market Growth

Median Sale Price

$549,834 (+12% in two years)

New Properties

6.5 million SF of property 2011-2022

Median Rental Price


$2,623 (+57%)


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, Hampton Inn hotels and banks built in last 10 years

Time on Market


<20 days (often with multiple offers/waived contingencies)

Patterson Projects


Median Income

$89,693

…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 strengthen from an increase of distribution centers from Amazon, CVS, Restoration Hardware, Kohl’s (past 7 years)


Patterson homes continue to consistently appreciate in value

Median Patterson Home Prices

Major developers are already taking advantage of the opportunity

Patterson is a quaint and beautiful city poised for growth

Image of E. Las Palmas Ave Patterson, CA .

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.

KB and K. Hov Square footage overview 


KB Home Development

Model

1,450 SF

1,769 SF

1,934 SF

2,308 SF

Q4 2020

$387,000

$396,000

$408,000

$423,000

Model

1,601 SF

1,934 SF

2,008 SF

Q4 2023

$521,990

$556,990

$490,990


K. Hovnanian Development

Model

1,912 SF

2,189 SF

2,489 SF

Q4 2020

$403,990

$432,990

$448,990

Q4 2023

$567,490

$593,490

$626,490


Contact Info

Contact: Mr. David Polatnick
Company: Polatnick Properties, Inc.
Website: https://www.polatnickproperties.com/
Lic# 01133918

C: 415-305-4836
O: 415-442-5005
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 offer or 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.

City:
Country: United States
Open In Google Maps
Property Id : 21676
Year Built: 1990
attic
gas heat
ocean view
wine cellar
basketball court
gym
pound
fireplace
lake view
pool
back yard
front yard
fenced yard
sprinklers
washer and dryer
deck
balcony
laundry
concierge
doorman
private space
storage
recreation
roof deck

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