Hiddenbrooke, a planned golf course community near Vallejo is currently expected to be one of the most fashionable areas in central California. Hearthstone, the institutional investor is set to invest $25 million to build seventy upscale homes in Vallejo's master-planned community. This private golf community is expected to have homes starting in the $700,000 range and the sizes will range from 2,000 square feet to 2,600 square feet and will be built by a variety of local merchant builders.
According to Anthony Botte, the regional vice president of Hearthstone, the golf course community's financier, home prices and supply availability remain critical issues in the Bay Area. As long as new homes closer to San Francisco, Botte says, remain beyond the reach of home buyers, Solano, Stanislaus, San Joaquin and Contra Costa, these counties will become increasingly attractive alternative venues for home buyers and builders, ensuring strong returns for our institutional investors.
Hearthstone, based in San Rafael and San Diego, is purchasing the land on behalf of Meritage Homes of California's East Bay division, making this the twelfth joint venture between the two companies. Other planned golf course communities financed by Meritage and Hearthstone include in Ripon, Discovery Bay and Brentwood.
Hearthstone, which began investing in residential development in 1992, has financed more than 380 communities in 19 states and invested nearly $9 billion in the industry. Meritage Homes, a subsidiary of Scottsdale- and Dallas-based Meritage Homes Corp., posted earnings of $139 million from revenue of $2 billion in 2004.
In addition to the aforementioned greens, Hiddenbrooke also boasts hiking trails and a clubhouse complete with pool and fitness center.
This planned golf course community also feature over seven-hundred acres of manicured open space. Hiddenbrook is located in California's North Bay region within an easy drive from Napa and Martinez. Farther afield, this planned golf course community is located just a forty-five minute drive from both Sacramento and San Francisco.