LOS ANGELES, CA--(Marketwired - Oct 1, 2014) - Trumark Homes, a new-generation homebuilder, is now selling homes at SL70, a new neighborhood of 70 three-story single-family homes on a previously vacant corner bordering the Silver Lake and Echo Park neighborhoods. Located on Glendale Boulevard just south of the 2 Freeway, SL70 brings design-centric housing to an up-and-coming neighborhood starved for contemporary living spaces.
"This project represents everything Trumark stands for as a new-generation builder," said Michael Maples, principal and CEO of Trumark Homes. "The lack of new inventory, the limited development sites and the over-abundance of fixer-uppers will make these new homes in this fantastic community very attractive. Not only is the property in one of LA's most desirable and creative neighborhoods, but it is close to employment hubs and other popular areas."
SL70 is within a convenient commute to downtown Los Angeles and Hollywood and close to schools, public transportation, shopping and recreation. Griffith Park and Dodger Stadium are nearby, and Silver Lake Reservoir is within walking distance. A thriving neighborhood subculture includes vintage and locally designed clothing stores, food trucks and kitschy establishments such as Cha Cha Lounge, and other great restaurants and bars. The area is prime for continued rehabilitation and growth in both residential housing and a resurgence of retail, restaurants and entertainment.
Designed to appeal to professionals who already make up a large portion of homeowners and residents in the Silver Lake/Los Feliz/Echo Park neighborhoods, SL70 reflects the neighborhood's culture while creating a vibrant community. During the development phase, Trumark met with and filmed local neighbors and businesses, which are featured on the SL70 website.
"The unique urban design of these homes fits seamlessly with our buyers' busy lifestyles with low-maintenance living that takes full advantage of entertaining space overlooking the downtown skyline and surrounding hillside views," said Mark Higgins, senior vice president for Trumark Homes.
In developing the property, Trumark teamed up with long-term equity partner The Resmark Companies to bring to life the City of Los Angeles' Small Lot Ordinance, established in 2005 to encourage infill development and a smart-growth alternative to traditional suburban-style single-family subdivisions. The ordinance allows for subdivision of underutilized land in multifamily and commercial areas into fee-simple homes with smaller lot areas, compact building footprints and reduced yard setbacks. This allowed Trumark to keep SL70 homes affordable, with prices starting in the low $600,000s.
JZMK Partners designed the contemporary homes, which range in size from 1,219 to 1,469 square-feet and have two or three bedrooms, two and a half baths, large rooftop terraces (on most floorplans), open living rooms with 10-foot ceilings, contemporary staircases, and oversized windows. Gourmet kitchens feature premium appliances, quartz countertops and contemporary European cabinetry, and bathrooms have cultured marble countertops and chrome finish faucets. All homes are pre-wired with Category 5 wiring. The well-insulated homes have energy-saving tankless water heaters and aluminum-framed windows with low-E glass and are pre-wired for future solar installations. Two-car garages include conduits for electric vehicle charging.
Unique undulation in building facades and bright pops of color make the exteriors stand out, and Trumark's design team furnished model interiors with out-of-the-box furnishings including vintage and original pieces from local artists and consignment stores.
SL70 is located on the site of the former Selig Polyscope Studio, which opened in 1909 as Los Angeles' first permanent movie-making facility and was eventually surrounded by a string of other silent-film studios on Glendale Boulevard. Trumark is honoring Selig Polyscope with a mural created by internationally acclaimed muralists Cyrcle highlighting some of the films and stars from the studio and establishing streets with names such as Silent Era Drive, Polyscope Place and Tom Mix Road.
According to the National Association of Home Builders' formula to determine the local impact of single-family housing in typical metro areas, adding 70 single-family homes will generate an estimated $14.7 million in local income, $1.5 million in taxes and other revenue for local governments, and 227 local jobs.
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 $340 million of equity and funded 24 deals 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 4,400 lots in core in-fill areas of California, representing more than $2.8 billion in future revenue. www.trumarkhomes.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 10 high-density condominium communities in process with plans in the works for more than 1,200 units for a total projected revenue in excess of $750 million. 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
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 Impact Ventures -- 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 over 170 projects encompassing more than 27,000 single-family and multifamily residential units. Headquartered in Los Angeles, Resmark also maintains corporate offices in San Diego and Chevy Chase, Maryland. For additional information, please visit www.Resmark.com
