Presidio Residential Capital, headquartered in San Diego, has invested $7.4 million to entitle and develop two residential properties five miles east of Tacoma near Puyallup.
Presidio will partner with a local real estate group to develop a total of 428 lots.
Summerwood Park, with 358 single-family lots at 136th Street East and 62nd Avenue East, will be made available starting in January 2014. Engineering work also is being completed for 70 single-family lots in Red Hawk, a development at 160th Street East and 78th Avenue East.
“Projects of this size are relatively rare in this market,” Presidio Principal Don Faye said.