San Ramon, CA (PRWEB) January 05, 2012
Real estate investment firm and development company, True Life Communities ended the year on a high note, completing the purchase of two new acquisitions in the fourth quarter of 2011. The two communities are infill developments which complement the company’s current portfolio to offer niche communities in established neighborhoods.
The first acquisition, located in Hayward, consists of four homes that will complete a subdivision that was first built in 2008. The last home sold in the neighborhood closed escrow in May of 2010. The acquisition by True Life Communities includes one completed home now on the market at $565,000, and three other homes that will be built in the coming year. The construction team anticipates the first home will be started in the next 30 days and the final two homes will be started 90 days thereafter. The community is located in a semi-rural area and the community backs up to open space with naturally occurring plant life and wildlife. The community is gated for privacy.
“There are no real choices for brand new homes of this caliber in the area. So for four families seeking to live in the neighborhood, this will represent a unique and limited opportunity,” stated Mark Rowson, in charge of sales for the company.
True Life Communities completed the acquisition of this distressed development in October 2011. The company was able to purchase the property at a price that gives them the ability to complete the homes and still align retail prices with the current market.
The second purchase closed escrow near the end of the year, and consists of an intimate enclave of ten two-story townhomes. The homes will be built in two buildings with five homes each and a passive park located between the buildings. The property is located near the historic downtown of Pleasanton, another area that is starved for new construction.
True Life Communities is currently offering the property for sale in bulk to another builder. Interested parties may contact Russ Schaeffer at 925.824.4300. The townhomes are projected to sell in the $600,000 range. Architectural plans are complete and the project is fully entitled. A builder would only need to complete processing plans with the city to pull permits. The homes have two-car attached garages with direct access and the community has a private drive that leads to the owner’s garage and their front door.
With many builders putting their plans for construction starts on hold, and much of the property in these infill locations already built out, there are limited choices for a buyer interested in purchasing a new home. Scott Clark, Managing Partner and CEO elaborated on the strength of this type of acquisition for the company. “While we are aggressively looking at larger distressed or under-performing developments to add to our company holdings, these type of smaller niche properties in established locations round out our portfolio. It gives us the opportunity to sell at market prices after adding value to the land and the neighborhood by completing development and vertical construction. Since the property can be offered for sale at current market pricing in an established area, it also reduces risk to our investors and partners, yet gives the home buyer an option that is otherwise sorely lacking.”
The company is currently building five new home neighborhoods, three of which are located in the Bay Area. They are also selling homes in the Fair Oaks area of Sacramento, and in Blythe, California.
True Life Communities is a diversified real estate investment, consulting and construction firm specializing in land development and home building activities. Headquartered in San Ramon, California, the company plans to develop land and build new home neighborhoods throughout the western United States, focusing on thoughtful attention to detail to create communities of enduring value. The company is founded on a longstanding tradition of honesty and trust, and guided by a team with over 100 years of collective industry experience. True Life Communities derives its name from its dedication to building homes that embrace life’s true moments – first steps, graduations, reunions. This firmly held belief is the inspiration for all their homes and developments. For more information visit their website.