MILPITAS, CA--(Marketwired - May 16, 2013) - Trumark Homes announced today it has begun construction on the new eight-acre PACE development, which will provide 134 affordable, desirable homes for Silicon Valley's young professionals, couples and growing families. The development will include two communities, Velocity and Momentum, offering a mix of detached single-family homes and attached townhomes with enticing design features rarely found in their price range, including 10-foot ceilings, expansive windows and decks, and available bi-folding walls that bring the outdoors inside.
Trumark Homes is developing the former commercial site in partnership with Resmark Land and Housing, a division of The Resmark Companies. PACE is the fourth Silicon Valley project that fast-expanding Trumark has acquired over the past year and the third to involve Resmark as a partner.
"Trumark Homes continues to solidify its presence as an active, optimistic and aggressive land buyer throughout Northern California," said Michael Maples, principal and co-founder of Trumark Companies and related entities.
"We have hundreds of homes coming to market over the next year and more than 3,600 more lots under control from Sacramento to the Silicon Valley," he said. "Trumark Homes will be delivering new homes to Northern California buyers for generations to come."
"With the continued growth of the Silicon Valley's dynamic businesses, and their robust record of job creation in the area, Resmark has made multiple investments in the local housing market," added Robert N. Goodman, CEO and Chairman, The Resmark Companies. "We are pleased to once again partner with Trumark on the new PACE project."
PACE is designed to appeal to Silicon Valley single professionals, young couples, and growing and extended families who are seeking relief from the area's expensive rental market. Trumark plans to preview the homes in early 2014 but may begin pre-selling as early as late 2013.
Velocity and Momentum will share common amenities that will allow and encourage residents to gather together and enjoy the great outdoors. These include a playful and imaginative tot lot that includes bubbling fountain, a patio area with a fire pit where residents can gather and socialize, and two outdoor kitchens for the foodies to entertain their family and friends. Momentum will offer 43 single-family three-story homes ranging in size from 2,225 to 2,489 square feet, and Velocity will include 91 single-family attached three-story townhomes ranging from 1,200 to 1,947 square feet.
"We chose the name PACE for this community -- along with Velocity and Momentum -- because the demographic we're targeting accelerates life to the fullest," said Mark Higgins, senior vice president of sales and marketing for Trumark Homes. "Velocity will appeal to hard chargers and career-driven buyers who use home as a place to reward, renew and reacquaint. Momentum will attract more families or people who need extra space for entertaining, hobbies or pets."
Conveniently located at the northeast corner of Montague Expressway and Trade Zone Boulevard, the community is a 10-minute walk from the future Milpitas BART station and connected to a citywide trail system. It is near major Silicon Valley employment centers and located within the Milpitas Unified School District, which has consistently high API scores.
In Northern California, the Trumark name is most often associated with community design, entitlements and office, R&D and retail development, which the company has focused on since its inception in 1988. Trumark Homes, the company's single-family homebuilding division launched five years ago, has completed two communities in Southern California and has four underway in the Bay Area.
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 Companies is the residential development arm of the organization and has completed over $600 million in transactions since 2000, representing approximately 3,800 lots in Northern and Southern California.
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.
Trumark Homes is a new generation homebuilder that is nimble, focused and unburdened by broken projects of the past. Since May of 2009, Trumark has raised more than $140 million of equity and funded 15 deals. Its pipeline exceeds 2,000 lots in core urban areas of California, representing more than $1 billion in future revenue.
Trumark Urban engages in multifamily acquisition and development in core urban neighborhoods close to jobs, transit and local businesses. Since making the strategic decision to focus on San Francisco in 2011, the new division has acquired six sites in San Francisco for mid- and high-rise condominium communities with plans in the works for more than 550 units with future revenue exceeding $400 million. www.trumarkurban.com
Additional information is available at www.trumarkco.com
About The Resmark Companies
Founded in 1995, Resmark is a leading national private equity firm focused on real estate and powered by core foundational discipline and focus. A fully integrated real estate investment group, The Resmark Companies' divisions -- Resmark Land and Housing, Resmark Apartment Living and Resmark Shopping Centers -- finance, acquire, develop and manage real estate in the Western United States, including California, Washington and Arizona, as well as in other select major metropolitan markets nationwide. To date, Resmark has participated in 148 projects encompassing more than 23,600 single-family and multifamily residential units. Headquartered in Los Angeles, Resmark also maintains corporate offices in San Diego and La Jolla. For additional information, please visit www.Resmark.com