By Alex Girda, Associate Editor
K. Hovnanian Companies of California recently broke ground on its latest residential project in Ventura County. Veranda at RiverPark was funded by Presidio Residential Capital and upon completion it is estimated to have a retail value of more than $48 million. Presidio acquired the land from RSF Partners in a deal arranged by The Hoffman Company.
Part of the RiverPark master planned community in Oxnard, Veranda will offer 95 residences just five miles away from the coast. Homes at the property are located on 4,600-square-foot lots that offer private backyards, two-car garages and second-floor loft spaces. Residences are customizable and offer optional folding sliders to create a space that merges the indoor and outdoor spaces, granite countertops, stainless steel appliance packages, and cabinet upgrades. According to the developers, homes at Veranda, that will be available for sale starting with the spring of 2016, will range between high $400,000’s and low $500,000’s.
The residential community offers proximity to The Collection open-air specialty center, a 600,000-square-foot retail property located at RiverPark’s core. The master-planned community also offers two new school sites, 14 parks, as well as more than 200 acres of open space. The impact of developing Veranda at Riverpark will translate into $27.2 million in local income, $3.4 million in taxes and about 374 local jobs.