San Marcos Ranch — 720-Unit Market-Rate Development

The Opportunity

A rare, shovel-ready opportunity in one of California's most supply-constrained markets.

Proven Execution — The third iteration of this near-exact product, using the same building design, GC, and architect to minimize risk and change orders.
Phased Project Delivery — High-efficiency garden-style design enables buildings to be completed and delivered individually, with the first phase ready for occupancy by Month 18.
Shovel-Ready — Currently in plan check, the project is fully entitled and beyond any appeal periods or further discretionary approvals.
High Demand, Low Supply — Located in a critically undersupplied market where only ~1,000 market-rate units have been built in the last decade.
Pristine Track Record — The Sponsors have a clean track record free of capital calls, budget overruns, or loan defaults across any prior projects.
Conservative Financial Structure — 55/45 debt-to-equity leverage ratio protects the project and investors from market volatility.

Project Overview

720 apartment homes on 27 acres with two multifamily building types.

Building Type	Qty	Total SF
Type 1 — 24-unit (12×2BR + 12×1BR)	24	548,496 SF
Type 2 — 12-unit (all 2BR/2BA)	12	157,608 SF
Leasing & Clubhouse	1	9,570 SF
Fitness Center	1	4,886 SF
Pool House & Bike Storage	—	4,359 SF
Total	36	724,919 SF

Unit Type	Area	Count
1 Bedroom / 1 Bath	810 SF	288 units
2 Bedroom / 2 Bath	1,095 SF	432 units
Total	—	720 units

"A+" Infill Location & Market Fundamentals

Strategically positioned at the nexus of Santa Barbara's economic drivers: UCSB, Goleta tech campuses, and Downtown.

Subject Property

120 S. San Marcos Rd

Santa Barbara, CA 93111

UCSB — ~5 min

26,000 students · Faculty housing mandate unfulfilled

Downtown Santa Barbara — ~8 min

State Street · Old Town Charm · Cottage Hospital

Tech Campuses

Google Quantum AI · Sonos · AppFolio · Procore · Raytheon

Risk Mitigation

Every major hurdle
already cleared.

San Marcos Ranch has resolved the critical risks that derail most California development projects before they ever begin.

Completed

Rezone Approved

Agricultural to multifamily — a 5+ year process representing a massive barrier to entry for any competing site.

Completed

By-Right Entitlement

Administrative, ministerial approval obtained. No discretionary review, no council votes, no public hearings required.

In Progress

Plan Check Underway

First round of plan check with Santa Barbara County Building Department in progress. Drawings submitted; 9-month review process.

In Progress

First Mover Advantage

First-to-be-entitled and years ahead of any competition. Other rezoned sites remain years away; most expected to sell, not rent.

Project Timeline

A clear path to first occupancies
by late 2028.

Done

Site Acquisition, Rezone & Full Entitlement

5-year entitlement process concluded. CEQA statute of limitations has passed. By-right approval obtained.

Completed

Oct 2025

Affordable Component Breaks Ground

Affordable parcel (separately financed, independently owned) broke ground — slabs being poured as of early 2026.

Underway

Now

Plan Check & Equity Raise Active

First round of plan check with Santa Barbara County (~9-month process). Equity 75% raised. Soft allocations being accepted now.

Active Now

Mar 2027

Equity Capital Call & Close

All committed equity called at close. Placed in Treasury bills until drawn for construction. Soft allocations are non-binding until this date.

Upcoming

Q2 2027

Market-Rate Construction Begins

Groundbreaking for all 720 units across 7 phases. 36-month construction with phased delivery starting at Month 18.

Upcoming

Late 2028

Phase 1 — First Occupancy & Rent Collections

156 units in Phase 1 complete. Distributions begin at 90% occupancy. Phased delivery continues at ~240 units/year through 2030.

Phase 1: 156 Units

~2030

Full Stabilization & First Refinance

All 720 units delivered and stabilized. First refinance proceeds returned to investors first. Quarterly distributions ongoing. Long-term hold intended.

720 Units Stabilized

The Development Team

Same team. Same product.
Consistent results across four decades.

Andrew Fuller

Principal — Presidio Capital Partners / Fuller Apartment Homes

Through Presidio Capital Partners and Fuller Apartment Homes, Mr. Fuller has developed, built, and operated more than 1,300 ground-up Class A multifamily units across Central and Southern California. He holds a Bachelor's and Master's degree from USC Marshall School of Business and professional licenses as a CFA, California Real Estate Broker, and California Licensed General Building Contractor.

John Blair

Principal — Presidio Capital Partners

Mr. Blair began at CB Richard Ellis before founding what is now Hayes Commercial in Santa Barbara. He then led Automotive Lease Guide (ALG) as CEO through rapid growth, culminating in a merger with Dealertrack and a successful IPO. In 2008, he co-founded Presidio Capital Partners with Andrew Fuller, leading strategic planning and capital markets.

General Contractor

Wallace & Smith

This is the third consecutive project the team has built with Wallace & Smith — a relationship that eliminates contractor learning curves, tightens cost control, and reduces change order risk.

Architect

Arris Studio Architects

Arris designed both Park West and Park Center using the same two building prototypes now planned for San Marcos Ranch. Repeating the design minimizes redesign costs and accelerates plan check approval.

Request the White Paper

75% Subscribed.
Request the White Paper to learn more.

Soft allocations are non-binding and reserve your position in the offering. Given strong momentum — 75% raised in under 4 months — this offering is expected to be oversubscribed before the March 2027 deadline.

Request the Investor White Paper

White paper · Third-party market study · Investor portal demo · Operating agreement · Site tour available upon request

By submitting, you confirm you are an accredited investor as defined under applicable securities law. This is not an offer to sell securities. Contact: Will Harryman · william@fah.com

Proof of Execution

Live construction camera —
Park Center at Seven Oaks

The 520-unit Park Center project uses the identical building design, GC, and architect as San Marcos Ranch. Watch construction progress in real time — currently on budget and ahead of schedule.

Live Feed — Park Center at Seven Oaks, Bakersfield

Same GC · Same Architect · Same Design as San Marcos Ranch

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Wallace & Smith · Arris Studio Architects · Currently on budget and ahead of schedule

A rare, shovel-ready opportunity in one of California's most supply-constrained markets.

720 apartment homes on 27 acres with two multifamily building types.

Strategically positioned at the nexus of Santa Barbara's economic drivers: UCSB, Goleta tech campuses, and Downtown.

Every major hurdlealready cleared.

A clear path to first occupanciesby late 2028.

Same team. Same product.Consistent results across four decades.

75% Subscribed.Request the White Paper to learn more.

Live construction camera —Park Center at Seven Oaks

Every major hurdle
already cleared.

A clear path to first occupancies
by late 2028.

Same team. Same product.
Consistent results across four decades.

75% Subscribed.
Request the White Paper to learn more.

Live construction camera —
Park Center at Seven Oaks