MISSION VIEJO, CAOrange 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 WPGs ability to pursue favorable opportunities in multiple real estate markets.
Solid performance in todays 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 housings downturn, they partnered as consultants, offering comprehensive development capabilities to lenders seeking to reposition distressed properties.
Brightwater in Huntington Beach exemplifies WPGs 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 communitys spectacular comeback from recessionary doldrums.
It also reinforced WPGs 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.
WPGs 2014 revenues of $164 million match top performing companies nationwide. Strategic staffing additions have broadened WPGs 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, Bakersfieldpart of southeast Bakersfields most desirable master-planned community, Belcourts 175 acres include approximately 25 acres for community amenities, trails, pedestrian systems and open space. Spring 2016.
- Brightwater, Huntington Beachthe 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 Capistranothe 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 Hillssituated 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 Springsthis 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 QuintaPart of PGA West, Monterra will offer 39 luxury homes with mountain views and convenient access to golf courses and amenities. Early 2016.