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Jul 20

Trumark and Resmark Close on $18.5 Million Residential Project in Silicon Valley

The Registry

Jul 19

Trumark Receives Planning Approval for Contour Project in Milpitas

Contour SFD color perspective at park

Trumark Homes announced that it has achieved city council approval from the City of Milpitas for development of its 134-unit residential development project known as “Contour”. Trumark is finalizing construction drawings and architecture in anticipation of breaking ground later this year.

The existing office site, which sits on the southern end of Milpitas, totals approximately 9.2 acres and is bound by Montague Expressway to the northwest, Trade Zone Boulevard to the south and private property to the east. The site lies within the Milpitas Transit Area Specific Plan – Montague Corridor and was designated for conversion to residential use.

The newly entitled neighborhood will provide a combination of medium density single-family detached and higher-density multifamily townhome for-sale housing within a 10-minute walk of the future Milpitas BART station. The 134-home community will be connected to the Citywide Trail System through an extensive internal pedestrian network linking front doors to common amenities, guest parking, Santa Clara Valley Transit Authority bus lines, the Montague expressway and Trade Zone sidewalks, light-rail and BART (Bay Area Rapid Transit).

“The City of Milpitas has been very efficient to work with throughout this process, just a pleasure,” said Chris Davenport, senior vice president of the Trumark Companies.

“Milpitas is a fantastic place to do business and a great place to live,” echoed Arden Hearing, senior vice president, Northern California acquisitions for Trumark. “Trumark focuses on building homes in supply-constrained urban markets near major employment centers. Milpitas’s proximity to the heart of Silicon Valley is the epitome of this philosophy and Contour presents an amazing opportunity to provide single-family detached and attached living close to jobs and amenities.”

A variety of common outdoor rooms such as kitchens, living rooms with fireplaces, kid’s playrooms, and reading rooms will be designed to match the development’s modern architecture, and dispersed throughout the neighborhood.

The home design and plan options provide a variety of housing types including 2-, 3- and 4-bedroom homes that cater to a variety of households, socioeconomic levels, ages and lifestyles.

Construction of the 134 residences is to be split among 42 3-story detached single-family homes and 92 3-story attached townhomes. Six different townhome floor plans are proposed, ranging in size from 2-bed, 2-bath 1,400 square feet to 4-bed, 3.5-bath, 1,931 square feet. Homeowners interested in a detached single-family home will have five floor plans to choose from, ranging from 4-bed, 3.5 bath, 2,109 square feet to 4-bed, 2.5-bath, 2,370 square feet.

The community will boast significant open-space and proximate access to jobs and services.

Beyond Contour, Trumark has more than 1,250 units in its Silicon Valley pipeline.   The company is due to break ground in the coming months on 94 homes known as “Centerplace on Capitol” just down the street from Contour in The City of San Jose. “Due to the parallel timing of Centerplace, we may consider partnering with or selling to another builder on at least a portion of the Contour project,” Hearing said.

Trumark Homes is purchasing the Contour property from Mission West Properties, a local REIT with a deep history in Silicon Valley.  Beyond Contour, Trumark continues to aggressively acquire development sites throughout the Bay Area with a focus on core infill TOD locations around the Bay Area and core Southern California.

About The Trumark Group of Companies

 The Trumark Group of Companies is a diversified real estate developer and builder with expertise in land acquisition, homebuilding, community design, entitlements and office, R&D and retail development.

Trumark Companies is the residential development arm of the organization and has completed over $600 million in transactions since 2000, representing approximately 2,500 lots in Northern and Southern California.

Trumark Commercial, which builds, leases and sells commercial buildings, has entitled or developed approximately two million square feet of office, R&D, retail and hotel properties in the northern portion of the Golden State.

Trumark Homes is a new generation homebuilder that is nimble, focused and unburdened by broken projects of the past. Since May of 2009, Trumark has raised more than $95 million of equity and closed nine deals. Its pipeline exceeds 1,800 lots in core urban areas of California, representing more than $900 million in future revenue.

Jul 19

Trumark Homes and The Resmark Companies close on nine-acre Residential Project in Silicon Valley for $18.5 Million

Top California Homebuilder Plans on Developing 42 Single-Family Homes and 92 Townhomes

MILPITAS, Calif. – July 19, 2012 – Trumark Homes, a new generation homebuilder, and Resmark Land and Housing, a division of The Resmark Companies, recently closed on a nine-acre, 134-unit residential development project known as “Contour” for approximately $18.5 million, the latest in a series of recent Bay Area land transactions by the rapidly growing firm.  Trumark Homes is scheduled to break ground on the project later this year.

The newly entitled neighborhood will provide a combination of medium-density single-family detached homes and higher-density multifamily townhomes for sale within a 10-minute walk of the VTA Light Rail Station and the future Milpitas BART Station. The 134-home community will be connected to the Citywide Trail System through an extensive internal pedestrian network linking front doors to common amenities.   The site is walkable to many other local services and amenities including The Great Mall.

“This is a classic infill smart-growth development,” said Arden Hearing, senior vice president of land acquisitions for Trumark Companies. “We have 22,000 jobs within a one-mile walk and all of Silicon Valley within a short drive.  Jobs, BART, light rail, services, parks and schools are all walkable.  This is why people live in the core Bay Area.”

Construction of the 134 residences will be split among 42 three-story detached single-family homes and 92 three-story attached townhomes. Six different townhome floor plans are proposed, ranging in size from 2-bed, 2-bath with 1,400 square feet to 4-bed, 3.5-bath with 1,931 square feet. Homeowners interested in a detached single-family home will have two floor plans to choose from, ranging from 4-bed, 3.5 bath with 2,109 square feet to 4-bed, 2.5-bath with 2,370 square feet.

“Milpitas is a fantastic place to do business and a great place to live,” said Chris Davenport, senior vice president for Trumark Companies.  “Thanks to the efficiency of the City of Milpitas staff, this process has been seamless.”

Trumark purchased the Contour property from Mission West Properties, a local REIT with a deep history in Silicon Valley, headed by real estate mogul Carl Berg.

“Mr. Berg is one of the Valley’s real estate legends,” said Hearing. “From the very beginning, he had faith in us even when the economic climate was less favorable in the local market.  It has been an honor to work with him.”

Trumark is building this project in partnership with Resmark Land and Housing.  Resmark manages approximately $1 billion of capital for two of the nation’s largest public pension funds.  This transaction marks Trumark’s fifth project in California with Resmark.

Trumark has approximately 2,000 units in its Bay Area pipeline.   The company is currently selling Capitol Station, 34 townhomes in San Jose, and is due to break ground in the coming months on 94 homes known as “Centerplace on Capitol” just down the street from Contour in The City of San Jose.

Beyond Contour, Trumark continues to acquire development sites throughout the Bay Area with a focus on core infill TOD locations around the Bay Area and core Southern California.

 About The Trumark Group of Companies

 The Trumark Group of Companies is a diversified real estate developer and builder with expertise in land acquisition, homebuilding, community design, entitlements and office, R&D and retail development.

 Trumark Companies is the residential development arm of the organization and has completed over $700 million in transactions since 2000, representing approximately 2,750 lots in Northern and Southern California.

 Trumark Commercial, which builds, leases and sells commercial buildings, has entitled or developed approximately two million square feet of office, R&D, retail and hotel properties in the northern portion of the Golden State.

 Trumark Homes is a new generation homebuilder that is nimble, focused and unburdened by broken projects of the past. Since May of 2009, Trumark has raised more than $140 million of equity and funded 15 deals.  Its pipeline exceeds 2,000 lots in core urban areas of California, representing more than $950 million in future revenue. 

 Additional information is available at www.trumark-co.com

About The Resmark Companies

 Since 1995, Resmark has offered equity investment capital and asset management powered by core foundational discipline and focus. A fully integrated real estate investment group, The Resmark Companies’ divisions—Resmark Land and Housing, Resmark Apartment Living and Resmark Shopping Centers—finance, acquire, develop and manage real estate in California and the Western United States and other select major metropolitan markets nationwide. Resmark currently manages approximately $1 billion of capital and has participated in more than 130 deals, encompassing more than 21,900 single-family and multifamily residential units and representing over $6 billion in cumulative and anticipated revenues. Headquartered in Los Angeles, Resmark also maintains corporate offices in San Diego and La Jolla. More information can be found at www.resmark.co

Jul 06

Home building revives to meet renewed demand for housing

MercuryNews