The deals include 450 residential lots and an estimated $541M in projected revenues.
In addition to this new Southern California site, Trumark Homes will close on five additional acquisitions across California, totaling 450 residential lots and an estimated $541M in projected revenues.
“In each of these vibrant target markets, our team identified unique opportunities to acquire parcels and add significant value by improving or changing existing entitlements,” said Michael Maples, co-founder and principal of Trumark Homes. “Most of these acquisitions started in 2017 or before, so we are pleased with the strategic timing of each closing as it fills our pipeline for future market demand.”
The Brea acquisition will consist of 62 three-story attached townhomes and 20 stacked flats. Located on the corner of W. Central Avenue and Site Drive in Brea, the project lies across from a new one-acre community park and four-story medical office building. The entrance will serve as a pedestrian plaza area and provide a rich environment for engagement and community with an enhanced street frontage, water feature and pedestrian paths. The community will offer multiple design layouts per floor, allowing buyers the option to select a design layout of their choice per floor to create the ultimate customizable home. Pre-sales are slated to launch in fall 2019 and models expected to open in spring 2020.
By the end of this month Trumark will complete acquisitions on a total of six properties in 2019. In addition to the Brea property, the Southern California division is closing on a former avocado orchard re-entitled for 95 residential lots in Escondido. Trumark’s Northern California division will close on the company’s first age-qualified community of 59 lots located in The Collective master planned community in Manteca, an 18 luxury-home community in Danville, a 59-lot parcel in Sunnyvale, and a 138-unit project in Newark.
“This volume of closings in such a short period of time is a testament to our team’s incredible efforts and success in deal making, problem solving and tenacity, as we continue to build momentum as a company,” said Gregg Nelson, co-founder and principal of Trumark Homes.
Trumark Homes is currently active in communities across the state with homes for sale at SP78 in Downtown San Jose, Glass Bay in Newark, Perch and Fielding in Dublin, Lewis + Mason in Anaheim and Centerhouse in Ontario.