OSCG Partners With Developer On $80 Million Apartment And Housing Development Project
ONE SOURCE CAPITAL GROUP has partnered with a California and Texas-based development company Hollyhills Development and the two companies have closed on an 18-acre parcel to develop a 99-unit luxury apartment home complex along with a 14.4 acre parcel for 74 single-family turn-key homes.
The properties purchased for the future apartment and home developments are located next to 1.2 million square feet of new shopping and restaurant space currently leased at 98% occupancy in a California town known as Hanford.
Daniel Bailey, President of Hollyhills Development, states that, "The market in Hanford is as stable as ever, the recent growth has created a rather large number of new jobs and local opportunities. Presently in the Hanford area, there is a housing and apartment shortage and because of this, many employees in the Hanford community are commuting from Fresno daily where they currently reside. In Hanford, new homes sell the minute they go up for sale and the apartment complexes, even the old and very out-of-date ones, typically have large waiting lists."
Mr. Bailey also makes it clear that this would not be the only project in the Hanford area for his Hollyhills Development group as he truly believes in the community along with the market within the general area and expects his team to look for additional locations for other future development opportunities in the Hanford community.
Mr. Taber, CEO of ONE SOURCE CAPITAL GROUP, mentions that," His partners/private loan committee team, all strongly agree that the Hanford community is a solid investment based on the economic growth within that community along with the growth of surrounding communities due to the level of government services and government contracts that have recently been added to the Lemoore Air Base and its subsidiaries.
These recent government additions along with the ancillary jobs and other service needs that have been created through these new government additions will strongly influence a solid market in Hanford for many years to come. Also today's lending guidelines are very flexible regarding the loan programs which most home buyers in Hanford are taking advantage of. The ease of the loan process today along with where the rates presently stand make home ownership very obtainable in Hanford."
Mr. Taber adds, "ONE SOURCE CAPITAL GROUP will continue its focus on making competitive and sensible loans customized to each of its clients as financing residential, construction and commercial loans is what we do and do quite well. However, we are in the arena of real estate, and if ONE SOURCE CAPITAL GROUP has the opportunity to partner in additional real estate development opportunities with other development groups, those future opportunities would be of interest to us and discussed seriously with the loan committee."