Historical Timeline

1994 – Paul Jennings establishes PCS Development and acquires four multi-family assets damaged by the Northridge, CA earthquake. Through PCSD's principal's experience in government procurement from his telecommunication companies, PCSD becomes one of the most active participants in the LA housing earthquake rehabilitation program.

1995 – PCSD establishes CalMor, a construction company, to begin vertical build-out and PCS Property Management, to commence managing the multi-family assets coming on line. PCSD acquires an additional six earthquake-damaged multi-family assets.

1996 – PCSD acquires seven earthquake-damaged multi-family assets. CalMor completes the build-out of six projects. PCS Property Management effectively stabilizes the completed projects and obtains long-term financing on five of its properties.

1997 – PCSD acquires an additional 11 multi-family assets. PCSD becomes the largest participant in the City of Los Angeles' Housing Department's earthquake rehab program by utilizing a portion of affordable bond proceeds to fund 17 of its multi-family assets. CalMor completes eight multi-family projects.

1998 – PCSD acquires its largest multi-family asset to date, with 392 units. This former Oakwood project in Sherman Oaks, CA is the largest property damaged in the Northridge quake. PCSD acquires a “Class A” office building at 11859 Wilshire Boulevard and relocates its headquarters to it.

1999 – PCSD brings on-line over 1,000 multi-family units. Expanding beyond rehab projects, PCSD acquires two major land acquisitions, paving the way for ground-up construction. PCSD becomes the first company in 15 years to successfully navigate Thousand Oaks' rigorous entitlement requirements, receiving all entitlements and ready to commence construction within 12 months.

2000 – PCSD receives four commendations from the City of Los Angeles, Senator Feinstein, Congressman Sherman, and Mayor Riordan for its outstanding contributions to the community and its commitment to job creation and economic stimulation. PCSD begins acquiring buildings in Beverly Hills. PCSD acquires two office buildings.

2001 – PCSD completes its first two ground-up projects. PCSD completes two office buildings requiring a major reface and extensive rehab to both buildings – Wilshire Blvd. and Santa Monica Blvd. in Los Angeles. PCSD brings online its 2,000th apartment.

2002 – PCSD breaks ground on its first mixed-use project in Long Beach and completes three ground-up projects exceeding more than 800 units.

2003 – PCSD brings on-line its 3,000th unit and becomes one of Fannie Mae's most active multi-family borrowers in Southern California. PCSD enters into the senior-housing market with the introduction of its Bella Vita product. PCSD receives commendations from the City of Thousand Oaks and wins a design award for its Thousand Oaks project.

2004 – PCSD begins selling some of its portfolio of assets, capitalizing on the liquidity in the market and begins to reposition into products beyond multi-family. PCSD acquires two additional land assets, in Calabasas, CA and Mesa, AZ, earmarked for retirement communities.

2005 – PCSD accelerates the sale of its largest assets to Archstone in an all cash purchase. PCSD opens an extensive sales and design center for its retirement community business.

2006 – PCSD utilizes some of its cash proceeds to acquire 4,000+ acres in Baja California Sur, Mexico, for the purposes of developing a master-planned residential resort community. The project is renamed to Bahía de los Sueños and construction begins on the build-out of the golf course and pre-development infrastructure. PCSD sells its mixed-use project in Sherman Oaks on Ventura Boulevard.

2007 – PCSD receives entitlements on its Baja project to proceed with the build-out of 800 homes, 1,000 condominiums, and eight hotels for its Bahía de los Sueños project. Sales efforts begin within the community. PCSD completes one year establishing a complete construction and management organization with over 150 employees for building out the project. PCSD enters into a sales agreement for its Bella Vita retirement project's land.

2008 – PCSD's current projects include 4,000 acres in Mexico, 300 multi-family locations in final development in Sherman Oaks, five-acre office complex in Calabasas, and senior-housing project under entitlements in Mesa, Arizona. Residential projects in Baja, Carmel, and Brentwood, CA.

2009 – PCSD received entitlements for 260 multifamily unit located on a former 6 acres hospital complex in Sherman Oaks, project is known as Bella Vita. PCSD receives entitlements for 118 units at a prestigious Ventura Boulevard and Stanberry location in Sherman Oaks, project is known as Mosaic. PCSD completes Tom Doak golf course on it Bahia de los Suenos project located in Bahia Sur, Mexico.

2010 – PCSD sells Bella Vita side to IMT and begins a refocus to pursue opportunities in distressed single family homes. PCSD obtains entailments for 200 multi-family homes on its 7 Arce site in Mesa, Arizona.

2011 – This was a big year of transition for PCSD. PCSD enters the single family rental home market forming three companies, Indianapolis Neighborhood Group, LLC, Cincinnati Neighborhood Group, LLC, and St. Louis Neighborhood Group, LLC. PCSD also entered the Oakland multifamily market leveraging off the migration of escalating San Francisco rents to developing Meredith Lake and West Oakland areas. The Apartment Group is set up to acquire and manage the assets. PCSD entered the custom estate lot market by acquiring over 50 estate lots in Promontory Resort.

2012 – PCSD expands its presence in Park City, Utah by acquiring Deer Vista a 103 estate lot as the master developer known as and further expands into the Midwest and Oakland multifamily market. Jennings Homes is founded to begin building high end resort estate homes, PCSD sell its 45,000 sq. ft. office complex located on 11859 Wilshire Blvd.

2013 – PCSD capitalizes on significant increases in the Oakland market with disposition of over 15 of its multi-family assets in this market. Meanwhile PCSD tops off the Midwest portfolio with over 300 homes and has built and completed six estate projects in Park City. Jennings Homes sell 3 custom Homes in its Promontory project in Park City Utah.

2014 – PCSD completes all the infrastructure build out on its Deer Vista Project. Jennings Homes is in full production with five high up Luxury homes under construction.

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