California market for reasonable priced homes picked up in recent months
GRANADA HILLS, Calif. – March 5, 2013 – Trumark Homes has sold the last of 82 townhomes in its gated HighLights community perched on a hilltop in Granada Hills, Calif. Thirty-four of the homes were purchased in the past 14 months, reflecting increased U.S. consumer confidence and a recovering housing market.
“We are extremely pleased with our close-out sales pace at HighLights, given the challenges of distressed properties still on the market and a restrictive lending environment,” said Michael Maples, principal of Trumark Homes. “Our homes were priced well, and the location was unbeatable: a beautiful hilltop with stunning views of the city, in a well-established neighborhood close to freeways, shopping and restaurants, so the value was clearly there.”
The two- and three- story townhomes, on the corner of Odyssey Drive and Blucher, have six different floor plans ranging from 1,112 to 1659 square feet. Gourmet kitchens boast Whirlpool stainless steel appliances and granite countertops. Other features include crown molding, wainscoting, and marble countertops in the spacious bathrooms. HighLights’ environmentally friendly features include state-of-the-art tankless water heaters, energy-saving lighting and Low E windows.
“Homebuyer interest in our community has been strong from the start, in large part due to location, product type and affordability,” said Trumark’s Senior Vice President of Sales and Marketing Mark Higgins. “The community is only 30 minutes away from downtown LA, and with prices in the $300,000s, it offers a reasonable commute at an affordable price.”
Resmark Equity Partners, LLC provided $8.4 million to purchase the nine-acre property in April of 2010, and then Trumark built and marketed the homes.
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. www.trumark-co.com/companies
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. www.trumarkco.com/commercial
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 $900 million in future revenue. www.trumarkhomes.com
Trumark Urban engages in multifamily acquisition and development in core urban neighborhoods close to jobs, transit and local businesses. Since making the strategic decision to focus on San Francisco in 2011, the new division has acquired six sites in San Francisco for mid- and high-rise condominium communities with plans in the works for more than 500 units. www.trumarkurban.com
Additional information is available at www.trumark-co.com
About Resmark Equity Partners, LLC
Since 1995, Resmark Equity Partners has offered equity investment capital and asset management powered by core foundational discipline and focus. The company’s investment activities span management, financing, acquisition and development of residential for-sale and multifamily real estate in the Western United States and other select markets. Currently, Resmark manages over $950 million in capital, principally for two of the nation’s largest pension funds; to date, it has participated in more than 120 residential development deals. Resmark attributes its impeccable reputation, enduring partner relationships, superior products and strong financial performance to company-wide diligence, agility and dedication to quality. More information can be found at www.Resmarkllc.com.