Turning the downturn into an opportunity to retrench and improve: this was the common theme among the builders featured in Professional Builders’ 2013 “Big Gainers,” published this month. Warmington ranked an impressive #9 on this list of builders nationwide who reported the largest year-over-year (2011–2012) revenue increases. The bigger news is that our group expects this upward trend to continue and we are projecting an additional 25 percent increase in revenue this year. According to Jim Warmington Jr., president and CEO of the Warmington group of companies, much of the hard work we’ve done in the preceding years has already begun to pay off.
“We have largely done the work necessary to reach these goals in 2013,” says Warmington in the feature article, which is posted below. “We own and are building the communities, or have entitled the properties we may sell, plus we have hired the necessary staff. To reach our goals for 2014, we are continuing with more of the same. Specifically, adding staff where necessary, aggressively focusing on land acquisition, and creating special and different communities and home designs.”
Warmington Residential set up its stellar growth in 2012 by believing in the impending recovery as early as 2010. The Warmington Group division backed that bet by becoming aggressive. The Costa Mesa, Calif.-based builder hired additional staff for its land acquisition team and made improvements in operations, design, and sales. The company closed out unprofitable legacy deals made before and during the recession. While the downturn zapped access to capital for many businesses, Warmington strengthened its long-term relationships with equity investors and lenders, enabling the company to finance many deals that other private companies could not.
Double-digit revenue growth for these home builders during the recovery started with pre-planning, re-examination, and retrenching during the recession. >>Read the full article here.<<
Since it debuted last October, The Legacy Collection has impressed all who’ve visited. It’s been called many things; beautiful, amazing, spectacular, luxurious, and a fine example of a classic Warmington home. Today, it’s being called something else too. Award Winning.
The Legacy Collection in Covenant Hills earned an Award of Merit in the 2013 Golden Nugget Awards competition for its Plan 1 model in the Single Family Detached Home – Over 4,000 Square Feet category. This honor distinguishes The Legacy Collection from 536 entries and qualified the community to be eligible for the Grand Award.
“What an exciting confirmation this is,” said Michael Williams, Vice President of Sales and Marketing for the Southern California division of Warmington Residential. “We diligently sought to create an enclave at The Legacy Collection that would be awe-inspiring and worthy of its prestigious, view-oriented setting behind the gates of Covenant Hills. We are very pleased with the outcome and found home buyers have been impressed as well. Now, to get this recognition from our industry peers is very rewarding on many levels.”
Presented by PCBC and sponsored by Builder Magazine, the Golden Nugget Awards, now in its 50th year, is the oldest and most prestigious design awards competition in the nation. The Golden Nugget Awards recognizes builders, developers, architects and land planners who improve communities in the U.S. and abroad through exceptional concepts in planning, design and development.
As Williams said, home buyers have been very impressed by this collection, which represents the first new home opportunity in Ladera Ranch in five years. The community was originally slated to include 28 home sites but due to the popularity of these million-dollar-plus residences, Warmington was able to secure and offer an additional 20 home sites. Already, 30 of the 48 homes have been released for sale and 29 have been sold.
Available from the low $1 millions, the luxury homes that make up The Legacy Collection are designed to capture the essence of the Southern California indoor/outdoor lifestyle, with sunlit courtyards and sprawling great rooms. An optional second level can be added to include casitas, lofts, bonus rooms, bedrooms or decks. The newest 20 home sites offer several exciting enhancements as well such as optional Legacy Rooms, loggias and additional bedrooms.
The sales office and model homes are open daily from 10 a.m. to 5 p.m. The address is 65 Stockmen Road, Ladera Ranch. Get a map and directions here.
It is May and spring is in full swing! For many, this is the perfect season to find a brand new home. As we ease into the summer months, we’d like to invite you to visit one of our new neighborhoods. We have an impressive selection of homes with new phases being introduced this month in all locations!
Bam! Just like that. After years of housing doldrums, Warmington Residential debuts The Legacy Collection at Covenant Hills in Ladera Ranch and suddenly, home buying is back! Coincidence? More like timing and a really phenomenal opportunity. For the first time in four years, a new home community was introduced in Ladera Ranch, within its only gated enclave in the custom home neighborhood of Covenant Hills.
Adding to the appeal is the availability of single-level floorplans, which is a rarity in south Orange County. Single-level yet flexible and able to accommodate a second level, The Legacy Collection has found broad appeal among all types of buyers. With an abundance of square footage that exceeds 4,100 square feet and up to six available bedrooms, these homes offer the chance to live in a single level home while enjoying the extra space and convenience of an optional second level.
The response has been impressive and sales have exceeded expectations: Since its recent debut, the 18 homes that have been released at The Legacy Collection have all been sold. In fact, each phase has sold prior to construction commencing, and there is a deep waiting list of interested buyers for future phases. Homes are priced from the low- to mid-$1 millions
The Legacy Collection is located at 5 Stockmen Road in Ladera Ranch. The models are now open for touring from 10 a.m. to 5 p.m. daily. For more information, and to view the interactive floorplans, go to www.LegacyCollectionHomes.com or call (949) 481-6502.
“Now at last, it is possible for homebuyers to fully grasp just how spectacular these residences are. Walking into the models, feeling the expansive living spaces which extend outdoors into breezy courtyards, and seeing for the first time the exciting floorplan and rooms options…it is a true ‘ah-ha’ moment. These model speak a thousands words….yet may leave you speechless,” siad Michael Williams. “They are stunning.”
Long-awaited and highly-anticipated, the two professionally designed model homes at Warmington Residential’s The Legacy Collection in Ladera’s only gated village of Covenant Hills, make their debut today and will be open for touring from 10 a.m. to 5 p.m. both days this weekend. There has been much enthusiasm surrounding the opening of The Legacy Collection at Covenant Hills because it is the first new home community to debut within the planned community of Ladera Ranch in nearly five years.
While the models open today for the first time for touring, sales have been underway for several weeks and the response to this brand new, hilltop enclave of single-level and optional two-story homes has been overwhelmingly positive. The first sales phase is sold out and Phase Two is approaching a sellout. The release of Phase Three has been moved up to continue to meet strong buyer demand.
Located within a custom home area of Covenant Hills, The Legacy Collection is an intimate neighborhood of homes described as “luxurious” because of the large size of the floorplans that incorporate open concept living with great rooms, hilltop setting, and array of sophisticated features. The homes are distinguished by two spacious and flexible single-level plans that can accommodate a second level with bonus room, casita, deck and additional bedrooms; and their ability to offer an “indoor/outdoor” lifestyle with the inclusion of private and spacious courtyards that extend primary living spaces through to the outdoors.
Four single-level and six two-story floorplan variations offer approximately 3,041 to 4,159 square feet, with up to six bedrooms and 5.5 baths. Prices for these homes begin from the low-$1 millions.
The brand new model homes display rich European style architecture with Tuscan and Santa Barbara influences and offer the first chance for prospective home buyers to get a glimpse of the sophisticated and coveted lifestyle opportunity that The Legacy Collection presents.
“For months, we’ve been touting and promoting the exceptional lifestyle opportunity that residents of The Legacy Collection will enjoy,” said Michael Williams, Vice President of Sales and Marketing for Warmington Residential. “Now at last, it is possible for homebuyers to fully grasp just how spectacular these residences are. Walking into the models, feeling the expansive living spaces which extend outdoors into breezy courtyards, and seeing for the first time the exciting floorplan and rooms options…it is a true ‘ah-ha’ moment. These model speak a thousands words….yet may leave you speechless,” Williams emphasized. “They are stunning.”
Beyond the rare south county opportunity for single-level living behind private entry gates in a hilltop setting, The Legacy Collection also is distinctive because of its many custom-caliber included specifications. The kitchens are equipped with a large center island, stainless steel Thermador® 48” professional cooktop with 6 burners and griddle; 48” hood with halogen lighting, double oven with convection upper oven plus built-in microwave and a Energy Star®, Powerfully Quiet® dishwasher with stainless steel interior. Also featured are cast iron white porcelain farm sinks with stainless steel faucet and a walk-in pantry.
The master suite lives like a private sanctuary with private bath with 6-foot soaking tub with optional jets, separate stall shower and double vanities and expansive walk-in closets. On some plans, the master suite opens to the courtyards, on other plans, the master suite opens to the rear yard, emphasizing the indoor/outdoor lifestyle these homes seek to promote.
Other stylized included features that lend an upscale, customized flair to these sophisticated residences are 45” fireplaces in the living rooms, traditional 6” baseboards and 3” casings throughout and window stool and apron in selected areas.
The options for customization and personalization are nearly endless but Williams believes that buyers will be drawn to the chance to incorporate rustic “beam” ceiling detail in main living areas and sliding pocket doors that offer “disappearing” walls that create a truly seamless indoor/outdoor living environment. These items all are on display in the model homes, along with many other compelling optional appointments and features.
“These models are a must-see,” Williams said. “A tremendous amount of time, care and attention has been paid to ensuring that these homes reflect the caliber of their location and touring them is an adventure: There is something interesting and fabulous at every turn.”
Beyond their private retreat at home, residents of The Legacy Collection have at their doorsteps all the pleasures of the gated Covenant Hills lifestyle including village clubs and recreational amenities, an established community with a local reputation second to none and 1,600 acres of pristine, protected open space.
The Legacy Collection is located at 5 Stockmen Road in Ladera Ranch. The models are now open for touring from 10 a.m. to 5 p.m. daily.
For more information, and to view the interactive floorplans, go to HomesByWarmington.com/LegacyCollection.
A representative for The Legacy Collection may be reached at (949) 481-6502.
New homebuyer, Alyssa Sagart, got a little help from her friends, including her real estate agent father, when she purchased a brand new home at Warmington’s Northern Terrace in Las Vegas, Nevada. And that, she thinks, is a very good thing.
Thanks to a special privately funded initiative referred to as Neighborhood LIFT that is a collaboration between Wells Fargo Bank N.A., Wells Fargo Foundation, NeighborWorks America, and Las Vegas city officials, Sagart was able to purchase a Plan One, Camden, at Warmington’s Northern Terrace in Providence with down payment funds provided by the program.
As a current Las Vegas resident and a first-time buyer who was represented by her father and real estate agent, Brian Sagart, Alyssa Sagart was thrilled to learn that she qualified for the Neighborhood LIFT program, which was set up to provide in down payment assistance grants for qualified homebuyers seeking to purchase a home within the city limits. Its purpose is to help attract qualified homebuyers to Las Vegas neighborhoods struggling with a high inventory of unsold homes. In order to qualify, participants must fall within set income guidelines, agree to stay in the home for five years, and qualify for a first mortgage on the property.
Warmington’s Northern Terrace was designated as an approved Neighborhood LIFT community and was Sagart’s, who is a paralegal at a Las Vegas law firm, first choice. “I have lived in northwest Las Vegas for 10 years,” she explained. “This is an amazing area. Providence is beautiful and new and I absolutely love it.”
Her decision to purchase the Camden, Plan One, was an easy one, even though she never actually saw her home before committing to buy it. As one of Warmington’s newly designed collection of floorplans that was just introduced this year within Claremont at Northern Terrace, there was no Camden model home to tour. Sagart relied exclusively on the interactive floorplan display, brochure and counsel of her new home sales representatives in making her selection.
It was easy to see that the Camden offered exactly what I was looking for,” said Sagart. “Its size, the layout, features, location, the vaulted ceilings in the entryway….everything was just perfect.”
“While I didn’t to see my home prior to buying it, I have really enjoyed watching it be built, from the ground up literally. I’ve been able to be involved in the process every step of the way, and the sales representatives have been so helpful and knowledgeable…they answered all of my questions and put my mind at ease. It has been a great experience,” she concluded.
Sagart, who will close escrow and move in to her new home in early October, along with her dog, plans to include a little grass in her rear yard for playtime and a spa for relaxing. She said that with her new membership to The Club at Northern Terrace, which is automatic for all residents, she plans to release her gym membership and workout closer to home, for free.
“I’ve never lived someplace with something as cool as this,” Sagart said about Northern Terrace when discussing her membership to The Club at Northern Terrace. “The gym and pools, they’re incredible.”
The Club at Northern Terrace is a spacious multi-million dollar recreational facility with a full-time staff in which residents of all ages enjoy unlimited use of three pools, a spa, on-site fitness center, entertainment room with television, play areas for children as well a year round calendar of community social events and classes.
Access to The Club and these at-home recreational opportunities are unique to Warmington’s Northern Terrace neighborhoods and set this community apart from others within Providence.
Within Northern Terrace, Warmington is selling new homes within three neighborhoods: Claremont, Westcott and Emery. A total of 12 single-level and two-story home designs that range in size from 1,529 to 3,410 square feet are now selling with pricing from the mid-$100,000’s up to the low-$200,000’s. These homes include three to six bedrooms, and two- and three-space garages, per plan.
Right now there is a limited selection of homes that will be available for fall move-ins. Call or visit the community for more details.
All buyers of a brand new home at Northern Terrace have the advantage of meeting with an on-site designer from Chateau Interiors & Design to make standard and optional interior design selections for their new home, including selecting their choice of flooring.
Sagart took advantage of the opportunity to work with Chateau’s design staff and opted to include a few upgrades into her new home that personalized her living environment.
The models at Northern Terrace are open daily until 6 p.m. All home shoppers are invited to make a no-obligation appointment to for an informative consultation with an on-site representative from Wells Fargo Home Mortgage.
With many choices, finding the perfect new home can be hard. Especially in the Las Vegas area of Nevada! There are plenty of homes from which to choose, many price ranges, locations, and opportunities in today’s market. New, resale, short sale or foreclosure. You want it, you’ve got it!
But, the reality is, in recent months, the inventory has been shrinking as the market improves and new buyers seek to take advantage of some of the most attractive prices and terms that we’ve seen in years.
This is giving Warmington’s Northern Terrace in Providence a definite advantage. With a total of 14 single-level and two-story floorplans offered in three residential enclaves representing a wide range of pricing from the low-$100′s to low-$200′s, buyers can Find It All.
Here buyers will discover low prices, great plans and big homes that are now selling. These are brand new homes, filled with beautiful and unused features and appointments. Buyers may enjoy the benefit of selecting personalized upgrades and options for their new home, and a timely close of escrow. Up until just recently, there was a selection of move in ready homes available, but with recent strong sales, today only one remains for sale.
All residents of Warmington’s Northern Terrace gain yet another very distinctive advantage that cannot be found anywhere else in the valley: Automatic membership to The Club at Northern Terrace. All residents may enjoy unlimited access to this beautiful multi-million dollar recreational facilities and a year-round recreation-based lifestyle.
At Warmington’s Northern Terrace, it is easy to find exactly what you are looking for! Your search for the perfect home and neighborhood should begin and end here.
6 Models Open Daily | 10 a.m. to 6 p.m. | (877) 930-5599 | Map & Directions
Source: The Wall Street Journal.
July 11, 2012
The housing market has turned—at last.
The U.S. finally has moved beyond attention-grabbing predictions from housing “experts” that housing is bottoming. The numbers are now convincing.
Nearly seven years after the housing bubble burst, most indexes of house prices are bending up. “We finally saw some rising home prices,” S&P’s David Blitzer said a few weeks ago as he reported the first monthly increase in the slow-moving S&P/Case-Shiller house-price data after seven months of declines.
Nearly 10% more existing homes were sold in May than in the same month a year earlier, many purchased by investors who plan to rent them for now and sell them later, an important sign of an inflection point. In something of a surprise, the inventory of existing homes for sale has fallen close to the normal level of six months’ worth despite all the foreclosed homes that lenders own. The fraction of homes that are vacant is at its lowest level since 2006.
The reduced inventory of unsold homes is key, says Mark Fleming, chief economist at CoreLogic, a housing data-analysis firm. For the past couple of years, house prices have risen in the spring and then slumped; the declining supply of houses for sale is reason to believe that won’t happen again this year, he says.
Builders began work on 26% more single-family homes in May 2012 than the depressed levels of May 2011. The stock of unsold newly built homes is back to 2005 levels. In each of the past four quarters, housing construction has added to economic growth. In the first quarter, it accounted for 0.4 percentage points of the meager 1.9% growth rate.
“Even with the overall economy slowing,” Wells Fargo Securities economists said, cautiously, in a note to clients, “the budding recovery in the housing market appears to be gradually gaining momentum.”
Economists aren’t always right, but on this at least they agree: A new Wall Street Journal survey of forecasters found 44 believe the housing market has reached its bottom; only three don’t. (The full results of the Journal’s July survey will be released at 2pm ET)
Housing is still far from healthy despite the Federal Reserve’s efforts to resuscitate it by helping to push mortgage rates to extraordinary lows: 3.62% for a 30-year loan, according to Freddie Mac’s latest survey. Single-family housing starts, though up, remain 60% below the 2002 pre-bubble pace. Americans’ equity in homes is $2 trillion, or 25%, less than it was in 2002 and half what it was at the peak. More than one in every four mortgage borrowers still has a loan bigger than the value of the house, though rising home prices are reducing that fraction slowly.
Still, the upturn in housing is a milestone, a particularly welcome one amid a distressing dearth of jobs. For some time, housing has been one of the biggest causes of economic weakness. It has now—barely—moved to the plus side. “A little tail wind is a lot better than a headwind,” says economist Chip Case, the “Case” in Case-Shiller.
From here on, housing is unlikely to drag the U.S. economy down further. It will instead reflect the strength or weakness of the overall economy: The more jobs, the more confident Americans are about keeping their jobs, the more they are willing to buy houses. “Manufacturing had led growth and construction had lagged,” JPMorgan Chase economists said last week.”Now the roles are reversed: Manufacturing growth has slowed as private construction comes to life.”
Plenty could go wrong. The biggest threat is a large shadow inventory of unsold homes, homes which owners won’t put on the market because they are underwater, homes that will be foreclosed eventually and homes owned by lenders. They have been trickling onto the market, slowed in part by government efforts to delay foreclosures; a flood could reverse the recent rise in prices. Or the still-dysfunctional mortgage market could get worse. Or overly zealous regulators or a post-election change in government policy could unsettle mortgage lenders or home buyers.
But the housing bust is over.
Costa Mesa-based Warmington Residential California has been selected by Rancho Mission Viejo to build the first new neighborhood in four years within the gated village of Covenant Hills in Ladera Ranch in south Orange County.
The Legacy Collection will present 28 predominantly single-level luxury homes on four streets on the west end of the custom lot neighborhood in Covenant Hills. They will range in size from approximately 3,041 to 4,159 square feet and some will include an optional second level casita for family or guests, a bonus room for games and home entertainment, or a combination of casita-loft-bedroom configuration. Prices are anticipated to begin from the low $1 millions.
“We are very pleased to have been given the opportunity to build on these 28 homesites in a location previously designated as custom home lots,” said Matt Tingler, executive vice president of Warmington Residential California. “We believe this collection will be very complementary to the existing neighborhood and are enthusiastic about debuting these large, single-level floorplans. They feature dramatic architecture and place strong emphasis on an indoor/outdoor lifestyle with spacious private centered and or open-side courtyards and incorporate many sophisticated features and options.”
Tingler said that the decision to subdivide these 28 former custom homesites was born out of the belief that there is a segment of the new home market that is currently not being addressed in south Orange County, specifically single level living for buyers who desire a single level luxury home on a generously sized homesite with ample space between each home. Forty percent of these sites are set on elevated single-loaded cul-de-sac streets with far reaching views of the San Juan Valley.
“These residences will have many custom-like qualities in that buyers will be invited to be part of the floorplan selection process since we are offering a variety of personalization opportunities for each available plan,” he explained. “Different interior configurations and multiple private second story living spaces can be selected. Buyers who come into process early will have a unique opportunity to work with us to customize their residence.”
Warmington is now previewing The Legacy Collection from the Covenant Hills Sales Gallery at 63 Bell Pasture Road in Ladera Ranch. A fully interactive digital presentation includes floorplan modules, artist’s renderings, an interactive site map and more. The sales gallery is open Thursday through Sunday from 10 a.m. to 5 p.m.
Construction on two model residences will begin later this month and the neighborhood will have its grand opening in the fall. For more information, and to view interactive floorplans, go to http://www.LegacyCollectionHomes.com . A representative for The Legacy Collection may be reached at (949) 481-6502.
The Warmington group of companies has a long history of homebuilding in Ladera Ranch and offered homes in the very first village when it debuted in 1999. Over the years as the planned community evolved, a previous Warmington company built and sold homes in various villages, with the last neighborhood selling its final home in 2008. Today, many of these homes are among the most beautiful and coveted in Ladera Ranch and remain in high demand in the resale market.
The newest Warmington companies craft beautiful, state-of-the-art family homes in only the finest locations and today have approximately 15 new home communities in various stages of construction throughout California and Nevada.
Founded as a custom estate builder in and around Hollywood in 1926, the first Warmington company gained early recognition as the “homebuilder to the stars” with a long list of celebrity clients. Over the years, the Warmington group of companies expanded and began building production homes on a larger scale while retaining the quality craftsmanship and attention to detail for which it had become known. The Warmington group continues to celebrate this rich history while remaining focused on the future.
Warmington Group Strives To Do The Right Thing For Partners, Lenders and Homebuyers At All Times.
By Allen Dorich
With its family ownership, The Warmington Group enjoys many advantages over other homebuilders, President and CEO Jim Warmington Jr. says. Along with having the ability to make decisions quickly,“The family’s reputation has also allowed us to get access to many sellers and opportunities,” he says.
The Costa Mesa, Calif.-based firm has a history in construction going back more than 85 years, Warmington says. The Warmington group of companies began as a custom homebuilder in Los Angeles and constructed estate homes for many celebrities, including actors Claudette Colbert, Henry Fonda, Tyrone Power and Douglas Fairbanks Jr.
“The family’s reputation has also allowed us to get access to many sellers and opportunities.”
By the 1930s, that first Warmington company had earned a reputation as a “builder to the stars” and had constructed homes in Beverly Hills, Bel Air and Westwood, Calif. Since then, the companies have built more than 40,000 single- and multifamily homes in California and Nevada.
In addition, The Warmington Group has many years of experience in both building and managing apartments. “This broad knowledge has proved invaluable in obtaining underwriting and designing the site and architecture for each new deal,” Warmington says.
Looking Out for Others
Jim Warmington Jr. began working for the group’s Southern California division in 1989 while he attended classes at Stanford University. After graduating four years later, he began working full-time at the company as a superintendent.
Warmington says one of the key factors in the group’s success is its dedication to strong ethics and doing the right thing.
“We strive to [build] communities which provide good financial returns for ourselves and our financial partners, while carefully accounting for the risks in today’s market,“ he says. “Plus, we never forget how important the home and community are to those that live there.”
For instance, “In 2005, we started slowing our land purchases as the market was clearly slowing,” he recalls.
“We felt that it was not in our interest, nor our partners and lenders’, to be overly aggressive on purchases at that time, even though we would have benefited financially from the extra work,” he explains. “During the subsequent years of the downturn, we built out thousands of homes and focused exceedingly hard on getting our banks paid off and our equity partners out as clean as possible, even though our company would lose money.”
The Warmington Group structured deals so that its banks got out sooner and whole, even if the group itself suffered additional losses. “Because of our focus of looking out for the best interests of our partners and lenders, we have been able to continue getting financing from the same groups, in addition to new groups who know our reputation,” he says.
Additionally, experience across for-rent and other types of for-sale products and price ranges allowed the firm to take advantage of other opportunities. “Early on in the downturn, we began working as a consultant to a number of banking partners to help them underwrite and manage their REO/distressed residential properties,” he says.
Although it was not very profitable, “It helped us retain some great team members and cover overhead,” Warmington reports. “Based on our relationships with our equity partners, we ended up helping to fee-build over 600 homes in five projects in California and Las Vegas.”
On the Outside
The Warmington Group has begun to acquire properties that are outside of what public builders are interested in, Warmington says. In recent years, the group has seen a rush of public builder activity in finished lot properties.
But the Warmington Group has focused on deals that the other firms overlooked, such as projects with less than 40 units or properties with remaining entitlement or other issues. “We also have focused on larger entitlement and land development projects, since publics are focused on mostly finished lots only,” Warmington says.
This year, Warmington says the group will use several strategies to cope with resale and foreclosure issues. “This includes buying properties where job growth is occurring and avoiding any locations where there is likely to be the risk of oversupply of houses, either from distressed resales or new home projects,” he says.
Warmington reports the strategies are working so far. “Today, the group is seeking revenue-generating projects that fall within its entitlement, land development and home-building expertise and is aggressively looking for new acquisitions that allow it to get back into its primary business of entitling and developing land, and building homes to create beautiful residential communities,” he says.
The Warmington Group also has sought more apartment opportunities. “Our affiliate, Warmington Properties Inc., has been managing 1,100 apartment units in California for about 40 years and nearly 1,000 in Nevada, as well as a portfolio of properties totaling in excess of $600 million that includes office, retail and industrial projects in California, Nevada and Arizona,” Warmington says.
The company is preparing to start construction on a 24-unit student housing apartment complex near San Diego State University, as well as an entitlement process on a apartment 500-unit complex in Temecula, Calif. “This is in addition to a 320-unit apartment project in [Las Vegas] that is currently being graded, with construction set to start in May/June this year,” he says.
“Also integral to our business plan, the group has focused on providing excellent service to its existing fee management clients and is seeking new fee management opportunities,” Warmington says. “These fee management deals allow us to retain employees and cover overhead.”
For the future, Warmington says he wants the group to take advantage of more opportunities that come as the market improves and grow its focus on multifamily. “The group has established and [maintained] successful relationships with its lenders, has protected its new capital and retained an excellent team to manage any opportunity,” he says.