Cornerstone Communities Recognized as One of America's Most
SAN DIEGO, Jan. 31, 2020 /PRNewswire/ -- Presidio Residential Capital congratulates its joint venture partner Cornerstone Communities, which attracted national recognition in 2019 for its impressive growth and sales success in Southern California, where Cornerstone closed 356 homes, opened three new communities and sold out one neighborhood for a total annual revenue of $190 million.
The San Diego-based new home builder was listed among the top 100 up-and-coming builders in America by Builder Magazine's 2019 Builder 100 and Next 100, the housing industry's premier list of the nation's most active homebuilders.
It also earned a national award as the 2019 Fastest Growing Builder among the Builder Next 100, based on annual volume.That growth reflects several years of careful acquisitions and entitlement work, said Cornerstone CEO Ure Kretowicz, who accepted the award last May at the annual Housing Leadership Summit in Laguna Niguel, Calif.
"One thing that really made us successful through this last growth spurt is that we've had the same core team members for 25-plus years," said Cornerstone President and COO Michael Sabourin, noting the staff grew from 30 to 80 employees over the past year. "It is easier for us to build and respond when everyone knows their responsibilities."
Four of Cornerstone's newest communities are located in Otay Ranch in Chula Vista, Calif., which ranked No. 8 nationwide on the 2019 list of the Top 50 Masterplan Communities, a annual report based on new home sales.
"Homebuilders at Otay Ranch, including long-time award-winning San Diego builder Cornerstone Communities, offer the latest in new home design with home sizes and types that meet the needs of virtually every lifestyle," said Pete Reeb of John Burns Real Estate Consulting, which prepares the Top 50 report. "With everything from attainably priced stylish townhomes to more upscale single family detached homes, Otay Ranch appeals to everyone from first time buyers to retirees."
Anticipated sales in 2020 are 375 homes with a revenue of $206 million.
"We're looking forward to another year of strong sales and closings, with interest rates remaining at historically low levels," added Sabourin.
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SOURCE Presidio Residential Capital