NEWPORT BEACH, CA--(Marketwired - May 27, 2015) - Trumark Companies announced it has created a residential land development platform, Trumark Communities, capable of acquiring, developing and selling improved lots primarily to third-party builders. Trumark Communities will focus on master planned properties that typically require specialized expertise and larger capital commitments because of their size and duration.
"We believe the size, design, location and amenities of master planned communities will look different in the future and we want to lead that transformation," said Michael Maples, co-founder of Trumark. "We want our master planned communities to captivate today's home buyers and thus capture higher revenues for our builder clients."
Trumark has hired Peter Kiesecker, a former executive at Standard Pacific Homes with more than 25 years of experience in the real estate industry, to lead the new division as chief operating officer. Trumark Communities will coordinate its efforts with Trumark Homes, expanding on Trumark's reputation for thoughtful, creative, place-making into larger, multiple-neighborhood communities.
"With the ongoing success of our first master planned community, Wallis Ranch, we saw the opportunity to expand our efforts and competencies into a larger land-focused platform," said Trumark co-founder Gregg Nelson. "Trumark Communities will allow us to significantly expand our land holdings as the housing recovery continues to gain momentum."
Trumark Communities will focus on acquisitions in markets where Trumark Homes already has a presence, including Northern and Southern California. The company will eventually expand to Arizona, Nevada, Texas, Florida and the Carolinas. Acquisitions will include raw land, partially improved land and finished lots. Traditional master planned acquisitions will have 400 or more lots representing multiple home types.
Trumark Communities' pipeline currently includes three master planned communities with a combined 2,100 lots that represent total projected sales revenue of over $500 million. The company's first community is Wallis Ranch, a 184-acre residential housing development approved for 806 single-family homes in Dublin, Calif., that was acquired by a joint venture of Trumark, Isles Ranch Partners, LLC and funds managed by Castlelake, L.P. last year.
About The Trumark Group of Companies
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 has raised more than $460 million of equity and funded 25 projects since the depth of the recession in 2009. www.trumarkco.com
Trumark Homes is a new generation homebuilder that is nimble, focused and unburdened by broken projects of the past. Its pipeline exceeds 2,000 lots in core in-fill areas of California, representing more than $2.8 billion in future revenue. www.trumarkhomes.com, TruBlu Blog, Facebook, Twitter, LinkedIn
Trumark Communities is a residential land development platform focused on acquiring, developing and selling improved lots in master planned communities. Its current pipeline includes three master planned communities with a combined 2,100 lots that represent total projected sales revenue in excess of $500 million. www.trumarkcommunities.com.
Trumark Urban develops condos in core urban neighborhoods close to jobs, transit and local businesses. Founded in San Francisco in 2011, the new division has expanded into Los Angeles and now has eight high-density condominium communities in process with plans in the works for more than 800 units for a total projected revenue exceeding $1 billion. www.trumarkurban.com
Trumark Commercial, which builds, leases and sells commercial buildings, has entitled or developed approximately two million square feet of office, R&D, retail and hotel properties in the northern portion of the Golden State. www.trumarkco.com