SOURCE: The True Life Companies
SAN RAMON, CA--(Marketwired - Oct 30, 2013) - The True Life Companies (TTLC) has established Verravita Capital, a privately held capital investment company focused on providing a solid platform of consistent capital to support its expanding real estate investment and development activities. Verravita Capital is dedicated to providing capital resources in alignment with investment and development firms like The True Life Companies, whose core focus is to be the leading supplier of lots and land for home builders within the single-family residential sector of the real estate industry throughout the western United States.
"As we continue to expand, the key pillars to our success will be three-fold: our ability to access proprietary deal flow to secure compelling acquisitions; the execution post-acquisition of our project strategies; and consistent alignment with reliable, sophisticated, and committed capital partners," stated Scott Clark, CEO of TTLC. "Verravita's initial capitalization will be targeted at $100 million, which will enable The True Life Companies to gain substantial traction on our stated goal of acquiring and controlling over 100,000 lots in the western U.S. in the next five years."
Deron Bocks leads the Capital Markets team for The True Life Companies and will spearhead the launch and management of Verravita Capital as its President and Managing Partner. Bocks' financial career spans more than two decades.
Clark declared, "While Deron continues his role leading The True Life Companies' Capital Markets Team, his ability to leverage his relationships within the global capital markets to secure institutional debt and equity for our company and our projects make him a tremendous asset to our team and the logical choice to take charge of this new venture."
Prior to joining TTLC in 2012, Bocks was the Managing Director at Odyssey Capital Group in Phoenix, leading that firm's Capital Advisory Practice. Bocks also spent a decade as President and Chief Operating Officer of two separate nationally chartered financial institutions, UMB Bank of Arizona and SunBank NA, both headquartered in Phoenix. He spent the first 11 years of his financial career with Bank of America in their Corporate and Investment Banking Division in San Francisco, CA.
"Our ambition at The True Life Companies is to become the leading supplier of finished residential lots to public homebuilders within the Western United States", stated Taber Anderson, CIO of TTLC. "Deron's unique background and experience in both real estate and capital markets will be invaluable to us as we pursue our goal."
Over the past year, TTLC has aggressively expanded their land portfolio throughout California, Arizona, Hawaii and Colorado, by acquiring over 5,000 lots and securing an additional 6,000 lots under contract. In addition, their resort and lifestyle division is focused on investment in and management of highly amenitized master-planned communities. They already own and manage the luxury master-planned community of Pine Canyon in Flagstaff, Arizona, and recently added Talking Rock in Prescott, Arizona to their portfolio, increasing their market share in this growing region.
"Scott and Taber have done a tremendous job of setting the vision, building an expert team of industry leaders, and positioning The True Life Companies to be able take advantage of an extraordinary opportunity that exists within the land development business," said Bocks. "As our portfolio has grown and markets continue to improve, we recognize that it is critical that we expand our capital relationships."
Bocks went on to state, "Over the last few years as we were buying land, much of the popular industry sentiment was courting an antithetical policy of waiting. However, we identified the potential early and took bold steps with the acquisitions made, and now that the market realizes the opportunity in our space, we are perfectly positioned to take advantage of it."
Bocks' offices will be located at Verravita's Phoenix headquarters, 2555 East Camelback Road, Suite 770, Phoenix AZ 85016. Additional information is available by calling 602-626-8779 or visiting www.verravitacapital.com
TTLC is a strategic real estate investment and management firm composed of top-tier professionals with over 250 years of combined industry experience in all facets of real estate acquisitions, development, management and homebuilding. TTLC is the premier supplier of lots and land to public and private builders in the western United States. Simultaneously, their resort/recreation division focuses on adding value to new and existing luxury master-planned communities. For more information, visit www.thetruelifecompanies.com or visit www.facebook.com/thetruelifecompanies.