Williams Homes is partnering with a San Diego real estate investment firm to develop a $29 million townhome development in Sylmar.

Williams, in Santa Clarita, and Presidio Residential Capital have approvals to build a 74-unit project on a 3-acre parcel at 11385 Foothill Blvd., just west of the 210 freeway at Maclay Street.

The three-story townhomes will be priced in the high $300,000s and will begin selling in January, with construction to be completed in 2017, the companies said in a prepared statement. They will offer three floor plans, featuring four- and five-bedroom units ranging from 1,738 to 1,901 square feet.

Keith Herren, executive vice president and chief development officer for Williams, called the Foothill 74 project an affordable alternative for homebuyers.

“In a city where the median home value is $535,000, this community is striving to fill a void in the market and provide attainable housing for the family-oriented working class,” he said in the statement.

The property was purchased for $4.1 million in February from the Korogluyan Family Trust in Lake Bluff, Ill., according to real estate data provider CoStar Group Inc.

Foothill 74 is the second joint venture for the companies in the Los Angeles area. They are also developing a $25 million project of 29 single-family homes at Copper Hill Drive and Haskell Canyon Road in Santa Clarita.