San Diego's Leader in Residential Infill Homebuilding
Creating housing solutions for San Diego's growing market
SDRE: A Market Leader
Housing Starts
Planned completions for 2025 12% Market Share
Leading position in San Diego
91
Active Projects
Setting the pace for infill development
Competing alongside institutional giants, SDRE’s local expertise and vertically integrated model position it for both volume and efficiency.
Our projects are delivered faster, more effectively leased, and built for long term ownership in mind.
In a market where most firms average less than 5% share, SDRE is setting the pace for multifamily housing in San Diego.
SDRE Leadership Team
Christian Spicer
CEO and Founder, SDRE
Founder, VMVMT
Co-Founder, PRO-CAL Design and Engineering
Nearing 20 years of San Diego real estate experience, Mr. Spicer has grown SDRE from property management roots to a full-scale development firm.
In the past four years, he has built 164 units and manages over $500 million in assets. Mr. Spicer leads one of the most active real estate teams in the region, specializing in acquisitions, development, and property management.
Brian Doyle
President, SDRE
Thomas Hinson
Capital Markets, SDRE
Jody Watkins
RMO, Vertical MVMT
Jesse Leon
CEO and Co-Founder, PRO-CAL Design and Engineering
Mr. Doyle has over 35 years of real estate development experience, overseeing 32,000 homes and $17 billion in revenue. At IMH Companies, he secured 1,100 units in Salt Lake City and launched the $120 million 4800 Loft Project. Previously, he was COO of William Lyon Homes and Western Area President at Taylor Morrison Homes, managing $2 billion in annual revenue across major western markets. He holds a B.A. in Economics from California State University, Long Beach.
Mr. Hinson brings decades of experience in capital markets and real estate investing. Formerly Chairman of a debt fund for land development and construction, Hinson has executed over $500M in real estate investments and has worked in fiduciary services since 1996. He currently serves as CEO of 1031 Exchange.
In his extensive 30-plus years of experience, Mr. Watkins has amassed a comprehensive portfolio of achievements like Petco Park, the Hotel Del Coronado, and diverse multifamily and hospitality ventures across Southern California. Holding both California State License Board A and B licenses for the past 18 years, Jody’s expertise covers all sectors of the construction industry.
Mr. Leon began his career working as a draftsman in the summer of 2006. He started his own company, KL Drafting & Design, in 2009. Mr. Leon is very familiar with the zoning and building codes of all the jurisdictions within San Diego County. He has processed over 1,500 permits throughout the county of San Diego.
Current Footprint
Residential infill developments in progress
Current Projects: 91
Current Owned & Controlled Units:
> 2,000
AUM Book Value: $156,000,000
AUM Completed Value: $751,000,000
Average YOC: 7-10%
Average IRR: 100%+
Average Multiplier: 1.7 - 2.5%
Neighborhoods: Clairemont, Carlsbad, Bay Ho, La Mesa, Linda Vista, Encanto, Oceanside, Pacific Beach, and more
SDRE Track Record
Past Developments
Altair, Santee
Robertson Ranch, Carlsbad
The Marhaven, Carlsbad
Treveso, Santee
La Costa Oaks, Carlsbad
Past Developments – 360 South Bay Community
360 South Bay is a gated community built by William Lyon homes from 2013-2016. The community is comprised of 625 individually built homes ranging from studio condos to single family homes. The community also includes amenities like a resort style pool, state-ofthe-art fitness center, two dog parks, a clubhouse and multiple outdoor community areas including firepits, BBQs, playgrounds and more.
Located in Hawthorne, CA in a small neighborhood known as Hollyglen, Brian Doyle led this project from acquisition until the final home was sold. These homes continue to break record prices due to the thoughtful builds, community living, location and proximity to the awardwinning Wiseburn School District.
Past Developments – Bayshores
Located in Newark, CA, Bayshores brought much needed housing to the ever-growing Bay Area. With an exceptional location with easy commuter access to Palo Alto, this five-neighborhood, development features a large community park, modern clubhouse, and proximity to Don Edwards San Francisco Bay National Wildlife Refuge and Bay Trail.
This 545 unit development is a combination of singlefamily homes and condominiums, Brian Doyle was an integral part of bringing this development to life. This project was also situated on 40 acres of a former manufacturing site that required Phase 1 ESA and Phase 2 ESA and eventual remediation.
Summary of Capital
Raised
$468M
Total Capital Raised SDRE to Date
Debt and Equity Partnerships and Relationships
$7.5B
Total Capital Raised
Partners Track Records to Date
Fortress
Artemis Real Estate Partners
Brookfield Asset Management
Resmark Equity Partners
IHP Capital Partners
Hearthstone
Comerica Bank
California Bank and Trust
Anchor
Kiavi
Renovo
Summary of Current Capital Needs
Total Current Capital Required $475,810,000
Equity Raised $80,112,863
Debt Raised $100,687,137
Fortress
$280,000,000
Subtotal $460,810,000
Short Term Equity Need $15M
Summary of Future Capital Needs
G&A
Pursuit Capital
$7,500,000
$15,000,000
New Acquisitions (@7/month, 15 units/project) $491,400,000
10% Contingency $56,487,764
Total Future Capital Need (Next 18 Months) $601,365,401
Total AUM Value at Completion $1.75B
Capital Ask
$50M
Total Capital Need
20% IRR Partnership Return
Debt and Equity Needs
• Total Capital Need: $601,365,401
• 60% Debt: $360,819,241
• 40% Total Equity: $240,546,160 o 80% LP Equity: $192,436,928 o 20% GP Equity: $48,109,232
IMPORTANT NOTICE AND DISCLAIMER
This information is for illustration and discussion purposes only. It is not intended to be, nor should it be construed or used as investment, tax, or financial advice, any recommendation, or an offer to sell, or a solicitation of any offer to buy, an interest in any security, including an interest in this company or in any other investment or project managed or advised by SDRE Homebuyers LLC. Any offer or solicitation of an investment may be made only by delivery of the SDRE Homebuyers LLC and its affiliates confidential offering documents (collectively, the "Offering Documents") to accredited and/or sophisticated investors.
Prospective investors should review carefully and rely solely on the Offering Documents in making any investment decision. Targeted returns discussed in this presentation are used for measurement or comparison purposes and only as a guideline for prospective investors, shareholders or other to evaluate this opportunity. Targeted returns should be evaluated over the time period indicated and not over shorter periods. No representation is made that SDRE Homebuyers LLC will or is likely to achieve its objectives, that SDRE Homebuyers LLC's business plan will be successful, or that an investor in SDRE Homebuyers LLC, and its affiliates will or is likely to achieve results comparable to those shown or will make any profit or will not suffer losses or loss of principal. An investment in SDRE Homebuyers LLC involves risks, as disclosed in any final offering docs.
THIS PRESENTATION INCLUDES OR MAY INCLUDE CERTAIN STATEMENTS, ESTIMATES, AND FORWARD-LOOKING PROJECTIONS WITH RESPECT TO THE ANTICIPATED FUTURE PERFORMANCE OF THE COMPANY. SUCH STATEMENTS, ESTIMATES, AND FORWARD-LOOKING PROJECTIONS REFLECT VARIOUS ASSUMPTIONS OF THE MANAGER THAT MAY OR MAY NOT PROVE TO BE CORRECT OR THAT MAY INVOLVE VARIOUS UNCERTAINTIES. NO REPRESENTATION IS MADE, AND NO ASSURANCE CAN BE GIVEN, THAT THE COMPANY CAN OR WILL ATTAIN THE MANAGER'S PROJECTED RESULTS. ACTUAL RESULTS MAY VARY, PERHAPS MATERIALLY, FROM SUCH PROJECTIONS.
Any statements made in this presentation are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.
All investments, including real estate, is speculative in nature and involves a risk of loss. We encourage any investors to invest carefully. We also encourage investors to get personal advice from your professional investment advisor, CPA or other trusted financial advisor and to make independent investigations before acting.
IT IS IMPORTANT YOU UNDERSTAND THAT WHILE WE ARE PROVIDING PROJECTIONS BASED ON THE FACTS AND FIGURES AVAILABLE, NO ONE CAN TRULY PREDICT THE FUTURE.
