Hearthstone, Regis unveil townhouse joint venture plan
The Silicon Valley Business Journal, December 2004

Hearthstone, the nation’s largest institutional investor in residential development projects has committed nearly $30 million to a joint venture with Regis Homes of Northern California to help build a collection of townhomes in Santa Clara County. The 66 townhomes are planned for a 60-acre site at Georgtown Court and Town Square Drive in the master-planned community of Whisman Park, located in Mountain View, eight miles southeast of Palo Alto. Homes are expected to be priced from $520,000 to $575,000, with floorplans ranging from 1,288 to 1,352 square feet, carrying an estimated aggregate retail value of $36.1 million. Community amenities include two swimming pools; recreation centers and tot lots.

The transaction is the 12th between Hearthstone and Regis Homes of Northern California. Previously, Hearthstone pledged $13.4 million in a joint venture associated with the builder’s Hidden Creek project northeast of Sacramento. “California remains a robust market for our institutional investors for the very reason that in this land-strapped state, housing demand vastly outstrips available supply,” says Anthony Botte, Hearthstone senior vice president of the western U.S. region. Founded in 1992, Hearthstone has financed over 380 communities to date in 80 markets in 19 states representing nearly 60,000 homes.