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Villages of Patterson

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Patterson

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Description

Executive Summary

Home builder confidence soars; Patterson continues to be an exceptional investment opportunity

● We are offering over 900 entitled lots available across 138 acres of Entitled Single and Multi-Family Homes
● Part of a 692 acre master plan development

The opportunity is already proven by major developers investing; sales prices continue to grow

● 2 major public developers are currently building and seeing significant returns (K. Hovnanian and KB Homes)
● Absorporation rates are greatly exceeding expectations
● Sales prices have increased $40,000 to $50,000 per home within 7 months
● Historical low interest rates are supporting accelerated affordability and sales

Patterson is a beautiful small town with room to grow and raise a family

● Patterson, CA is one of the most underpenetrated upcoming cities in the Central Valley
● Patterson is located on major North/South freeway Interstate 5 with immediate access to 99 & 33 highways

Development Overview

Villages of Patterson Overview

● 692-acre Master Planned Community
● Annexed and entitled for development of 3.1k housing units
● No other approved development site in Patterson
● New 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

Development Underway

● KB Homes and K. Hovnanian building and selling 256 single family homes
neighboring our home sites
● Self Help Enterprise is building out over 200 units of affordable housing
● 150 single family units and 434 units made up of a 125-unit apartment
building, triplexes, and duplexes preparing to start construction.

Patterson Homes Appreciating in Value

Highlights

● Home values in the subject market
have increased +$24,573 since
mid-September.

● Per the developer, the absorption rate
is greatly outpacing anticipated
weekly home sales.

● Strong market fundamentals are
contributing to an increase in demand
for residential properties.

Patterson Homes Appreciating in Value (Continued)

Highlights

● Average home values in the subject
market are +5.87% since 9/18/2020.

● Homes <1,912 SF have seen the largest
cumulative increase in value (+7.1%).

● Month-to-date, homes >2,489 SF have
begun appreciating at an accelerating
rate.

Patterson Market and Demographics

The Patterson Market is growing exponentially

● From 2003-2006 Patterson experienced and absorbed a
housing boom of approximately 3,200 new homes. Currently,
the potential absorption rate for rental units alone is over
1,000 units

● 6.5 million SF of commercial property has been built between
2011-2018. This represents approximately 4,300 new jobs.
The new home construction has not kept up with demand.

● Patterson has enjoyed many new retail services including,
Walmart, Save Mart, CVS & Walgreen pharmacies, banks,
many retail services, restaurants, and two hotels.

Patterson Demographics

Site Details

City: Patterson
County: Stanislaus
Acres: 148.3 acres.
Zoning: Low Density (1-5 units per ace). Med. Density (5.1-12 units per ace). VC Density (12.1-20 per ace).
Lots: Over 800 lots.
School: 9 schools in town includes Walnut Grove School (K-8) Patterson High School (9-12).
Entitlements: The lots have been approved with vesting tentative subdivision map, fully entitled for proposed uses with development magreement approved in 2006.
Ownership: VOP North, LLC is the largest land owner in the VOP Master Development. We have lived and worked in Patterson since 1957.

Aerial view of Patterson development and lots for sale

Conceptual Site Plan

Site 2: 52 final map lots

Master Plan Overview

VOP project approved and vested.
650 Acres Master Planned Development.
3,100 approved housing units in VOP.
Flexible Low, Medium & Village Circle density which allows for a variety of housing types.
No competitive projects approved in Patterson or the surrounding area.
Two of the three planned schools are completed within VOP.
$67M CFD formation for overall infrastructure and additional school investment is completed.
Patterson maintains its small town atmosphere and family orientated values.