MISSION VIEJO, CA—Orange County-basedhomebuilder/developerWoodbridge Pacific Groupis expanding and diversifying, boosted by a commitment of up to $200 million in equity capital by its established financial partner, a private equity firm based in New York. Woodbridge (WPG) will utilize this support to implement four new projects slated for 2015-2016, and for new opportunities it is pursuing in prime California markets.
The funding agreement provides for a multi-project business platform, which WPG will utilize for real property acquisitions, land planning, entitlement activities, property sales and/or residential construction and home sales. The platform strengthens WPG’s ability to pursue favorable opportunities in multiple real estate markets.
“Solid performance in today’s development arena requires a solid capital base, particularly for privately held companies,” said WPG principal and co-founder Todd Cunningham. “This platform was the logical next step in the equity alliance we formed five years ago.”
Cunningham and WPG co-founder Carl Neuss established WPG in 2011, formalizing a collaboration they began more than a decade earlier, when Cunningham was president of Woodbridge Homes and Neuss headed Pacific Cascade Group (PCG), his land development company. Through housing’s downturn, they partnered as consultants, offering comprehensive development capabilities to lenders seeking to reposition distressed properties.
Brightwater in Huntington Beach exemplifies WPG’s expertise with repositioning, the firm says. The three new neighborhoods it created for the owner opened to buyer camp-outs in 2013, marking the master-planned community’s spectacular comeback from recessionary doldrums.
It also reinforced WPG’s renown as a skilled niche builder/developer, noted for architecturally distinctive homes in premier locations. The firm has six projects in active stages of development.
WPG’s 2014 revenues of $164 million match top performing companies nationwide. Strategic staffing additions have broadened WPG’s capabilities in land acquisition and asset management, facilitating its geographic expansion to Bakersfield, the Coachella Valley and other California markets.
“We are taking on much larger projects in terms of land, new home volume and community amenities, and moving into a part of our business that is typically defined by large public companies, as exemplified by our master planned community of Belcourt in Bakersfield,” saidNeuss.
Woodbridge Pacific Group Projects
- Belcourt at Seven Oaks, Bakersfield—part of southeast Bakersfield’s most desirable master-planned community, Belcourt’s 175 acres include approximately 25 acres for community amenities, trails, pedestrian systems and open space. Spring 2016.
- Brightwater, Huntington Beach—the beach-close single-family homes of Azurene, Capri andSeaglass are completed or nearing final sales. The resort style recreational amenities of theBrightwater Club highlight the lifestyle setting overlooking the Pacific and the Bolsa ChicaWetlands.
- Rancho San Juan, San Juan Capistrano—the luxury neighborhoods of Valinda and Miradortotal 140 detached homes, situated on land PCG acquired and developed. The land plan includes 205 acres of open space with a private community park and direct access to the San Juan Capistrano trail system.
- Hillcrest, Chino Hills—situated among rolling hills and mature oaks, Hillcrest will feature exceptional personalizing opportunities in 76 estate-scaled homes with panoramic views of the mountains and canyons. Spring 2016.
- Skye, Palm Springs—this exclusive new luxury neighborhood is within walking distance of downtown Palm Springs’ vibrant shopping and restaurant district, and will offer detached designs tailored to 40 generous home sites. Summer 2016.
- Monterra, La Quinta—Part of PGA West, Monterra will offer 39 luxury homes with mountain views and convenient access to golf courses and amenities. Early 2016.