Irvine, Calif. and Lake Forest, Calif. (Vocus) August 13, 2009
Confident that a down economy is the right time to buy land for building new homes, recently launched Trumark Homes - a homebuilding company unencumbered by the legacy issues faced by existing builders - recently purchased 11 acres of land for $4.8 million. Located on the corner of Regency Lane and Osterman Road in Lake Forest, Calif., plans are in process to build 68-72 single-family detached traditional homes with construction scheduled to commence in late 2010.
"South Orange County is a prime market for residential land investment due to its close proximity to various job sites, and offers buyers a chance to purchase new homes in an area lacking new product, said Jason Kliewer, president of Trumark Companies.
The seller was The Whisler Family Trust and Silver Oak Investors, LLC was the equity provider in the transaction.
"We were fortunate to find a site in a constrained market where we could deliver homes at a compelling value, and because we will not have a Community Facility District (CFD) tax, we will have a lower tax rate than other new home developments in the area, said Michael Maples, principal of Trumark Homes and co-founder of Trumark Companies.
Launched in May of 2009, Trumark Homes is a "new generation" home building company targeting both Northern and Southern California markets, initially seeking the distressed market niches in close proximity to major job centers. The goal of Trumark Homes is to build top-of-the-line homes at competitive prices - primarily targeting infill opportunities in constrained markets.
Last month, Trumark Homes acquired 4.38 acres of land in the Inland Empire community of Upland, Calif. to develop Wyeth Cove - 39 single-family courtyard homes ranging in size from approximately 1,717 to 2,401 square feet. In addition, Trumark Homes is currently completing due diligence on two projects located in the San Francisco Bay area totaling more than 300 lots.
About Trumark Homes
Launched in 2009, 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 http://www.trumark-co.com