IRVINE, Calif. – November 9, 2009 — Trumark Companies has secured funding needed to entitle, acquire and build a community of single-family detached homes in the Orange County city of Brea, California. The 5.6-acre parcel of land is an infill site surrounded by residential areas consisting primarily of older housing stock, which makes it a perfect fit for the Trumark land acquisition and development profile.
“This represents a big step toward keeping our future construction pipeline filled,” said Trumark principal Michael Maples. “We’re beginning construction on our first project in Upland, we recently purchased 11 acres in Lake Forest and we’re also in the due-diligence phase on three other properties – one in southern California and two in the northern part of the state.”
Trumark’s seasoned land acquisition team of Jason Kliewer and James O’Malley handled the transaction, working with the seller and broker to overcome challenges and structure a deal that satisfied all parties involved.
“We’re fortunate to have these two industry veterans on our team actively scouring the market for the right opportunities,” Maples said. “They have extensive knowledge and contacts in the industry – including the brokerage community – and know how to close a deal.”
The company hopes to complete seller cleanup of the Brea land and move through the city approval process to keep the project on track for a Summer 2011 construction start date.
About Trumark Homes
Launched in 2008, Trumark Homes builds high-quality homes at competitive prices throughout California and has positioned itself for the housing market rebound. 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 operates in Northern and Southern California. Trumark Commercial, which builds, leases and sells commercial buildings, operates in the northern portion of the Golden State. Additional information is available at www.trumark-co.com