By KATIE MURAR | PUBLISHED: May 6, 2019
Trumark Homes is moving ahead on an 82-unit housing project along Central Avenue in Brea.
The builder, a subsidiary of Danville-based developer Trumark Cos. that operates out of Newport Beach, last month closed on a roughly 4.6-acre site about a mile west of the Orange (57) Freeway.
The land was sold by Newport Beach-based JH Real Estate Partners Inc., and traded hands for about $14 million, or nearly $3 million an acre, according to property records.
The development, called Central Park Village, will hold 62 three-story attached townhomes and 20 stacked flats at the site on the corner of West Central Avenue and Site Drive, not far from the Memory Garden Memorial Park and Mortuary.
The land was the former home of the Brea Community Hospital, which was shuttered in 2005 and demolished in 2006.
The homes, currently in the early construction phase, will be across from a privately owned community park and a newly built four-story medical office building that along with apartments from Irvine-based Western National Group are also part of the new Central Park Village development, whose entire cost is estimated at around $100 million. The first homes are scheduled to be available online next spring.
Prices for the townhomes will start in the high-$700,000s while the flats will be priced in line with Brea’s affordable housing regulations.
The housing element of the development, yet to be named, will be the final piece to the master-planned community, which was approved by Brea’s city council in 2012.
Trumark has expected to be involved in the for-sale housing portion of the development for much of that time.
“It’s been a long time coming, but it’s worth it,” said Richard Douglass, Trumark’s Southern California division president.
Tri Pacific Capital Advisors acted as a financial partner on the deal.
Trumark is also halfway through construction of its Platinum Triangle apartment project on Katella Avenue and Lewis Street, with sales ongoing.
That townhome project, called Lewis and Mason, will have 153 homes ranging in price from the high-$500,000s to the low-$700,000s. It’s one of the first for-sale housing projects in the apartment-heavy Platinum Triangle.
It plans on continuing to look for infill development opportunities in OC, Douglass said.
Landsea Plans 50 Homes in LA
Newport Beach-based Landsea Homes has its first Los Angeles County project in the works, thanks to another OC developer.
The homebuilder plans 50 high-end homes at Deerlake Ranch, a master-planned community in the San Fernando Valley.
Model homes at the community, called Crestley at Deerlake Ranch, are slated to open by the end of the year, with the first home closings in spring 2020.
The master-planned development is north of the (118) Freeway off Topanga Canyon. It was acquired in 2014 by Newport Beach-based Foremost Communities.
Landsea Homes, which moved its headquarters from Irvine to Newport Beach last year, is the U.S. subsidiary of China-based Landsea Group.
In OC, it has two big projects underway. The largest is IronRidge, a 96-acre Lake Forest project with 600 homes.