SOURCE: True Life Communities LLC

True Life Communities LLC

August 27, 2012 10:25 ET

Arizona Expansion Continues as True Life Communities Closes on 168 Acres in Oro Valley

True Life Communities Acquires Prime Land Within the Master Planned Community of Rancho Vistoso

SAN RAMON, CA--(Marketwire - Aug 27, 2012) -  Making good on plans to become a major supplier of land to public and private home builders, True Life Communities has completed the acquisition of 168 acres in the master plan of Rancho Vistoso in Oro Valley, Arizona. The company will be completing entitlements and infrastructure for approximately 400 lots over the next 18 months. The team at True Life Communities has already begun discussions with several interested homebuilders to acquire platted and engineered lots. Initial builder home sales are projected first quarter 2014.

With several projects in various stages of development throughout California, Colorado, and Arizona, True Life Communities, led by Scott Clark, Chief Executive Officer, and Taber Anderson, Chief Investment Officer, is based in San Ramon, California with a regional office in Phoenix, Arizona managed by Taber Anderson and Mike Hare. The company plans to acquire and supply land throughout the western United States as a major provider of land and finished lots to the industry.

"Arizona, and specifically the market in the Town of Oro Valley, is experiencing a shortage of housing. A private research study we commissioned for the Metro Tucson Area reveals that while resale inventories have dropped and foreclosures declined 36% in the past year, a corresponding rise in new home sales of 18% was reported over the first six months of 2012. Homebuyers are now moving toward new construction, but homebuilders don't have that land bank on hand nor are they in a position to obtain it quickly, even though building permits jumped 34% in just the first four months of this year. That's where we step in and fill the void," stated Scott Clark.

Contributing to this to trend, rising employment and an increasing population in the Metro Tucson Area have been reported by the Bureau of Labor Statistics and the Census Bureau. Oro Valley offers a very diverse economy and employment base, with key employment segments in healthcare, biotechnology, aerospace and retail. The area boasts top rated schools, and convenient retail and service businesses, all key factors that will appeal to the growing population and out of area relocations.

"This acquisition is clearly by design," said Taber Anderson. "There are certain metrics we look for in these core markets to gain a measure of certainty that the investment we make on behalf of our partners will provide the required yield, and that the offering for homebuilders will meet their business goals and market demand. Additionally, we seek out strategic partnerships with our homebuilder partners, so that the goals of both entities are aligned to maintain community value and design integrity. We believe this is critically important, whether we are creating a new entitlement or completing one already begun."

Anderson went on to explain that the added benefit of well thought-out community amenities only increases the value to their partners, homebuilders and to the public. Rancho Vistoso offers plentiful nature oriented amenities such as parks, natural open space, trails and bike paths. Rancho Vistoso also includes Innovation Park, a business park development that is home to divisions of some of the world's largest pharmaceutical companies. In addition, two golf courses are an added feature, one private, The Stone Canyon Club, and the other public, the Golf Club at Vistoso. The four communities the company will be offering abut eight holes of The Golf Club at Vistoso. "There isn't another property with as many desirable attributes as this one in the entire Northwest area of Tucson Metro. These are the last builder production lots of their type that can be brought to market within the next 12 to 16 months. Other properties just aren't ready and can't be ready that fast," indicated Anderson.

True Life has retained Will White of Land Advisors Organization-Tucson to co-manage the marketing and home-builder sales process with True Life Communities.

True Life Communities is a strategic real estate investment and management firm, composed of top tier industry professionals with a senior management team that possesses over 250 years of combined industry experience in all aspects of real estate acquisitions, development, management and homebuilding. True Life Communities derives its name from its dedication to the American Dream, creating communities of enduring value and establishing relationships based on a long-standing tradition of honesty and trust -- creating the foundation that leads to brighter futures. For more information visit www.TrueLifeCommunities.com.

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