Presidio JV Gets $61M for Central Valley Luxury Development

Presidio Capital Partners and Fuller Apartment Homes have obtained a $61 million construction loan for the first phase of Park Center at Seven Oaks, a 520-unit luxury multifamily development in Bakersfield, Calif. BWE secured the four-year, floating-rate and interest-only note with a 12-month extension from a super-regional bank.

The developers broke ground on the project, considered the largest multifamily development in Kern County’s history, earlier this month. The first buildings are slated for completion in 2026.

The first phase of the project, dubbed Park Center Apartments, will see the construction of 352 units across 17 residential buildings. The unit mix is to feature 152 one-bedroom and 200 two-bedroom floorplans. All apartments are set to include washers and dryers, hardwood flooring, stainless steel appliances and private patios.

Common-area amenities will include a fitness center, swimming pools, a clubhouse, coworking spaces, barbeque stations, fire pits, a fenced dog run and on-site dog wash stations, among others.

The development is rising within the master-planned Seven Oaks community as one of its last multifamily projects. Located at the intersection of White Lane and Allen Road, the site is adjacent to the future Town Centre and Village District, near several restaurants, shops and gathering places.

Looking ahead, the next stage of Seven Oaks will introduce three village recreation centers, eight community parks and a new school.