MILPITAS, CA--(Marketwire - Jul 20, 2012) - Trumark Homes, a new generation homebuilder, and Resmark Land and Housing, a division of The Resmark Companies, recently closed on a nine-acre, 134-unit residential development project known as "Contour" for approximately $18.5 million, the latest in a series of recent Bay Area land transactions by the rapidly growing firm. Trumark Homes is scheduled to break ground on the project later this year.
The newly entitled neighborhood will provide a combination of medium-density single-family detached homes and higher-density multifamily townhomes for sale within a 10-minute walk of the VTA Light Rail Station and the future Milpitas BART Station. The 134-home community will be connected to the Citywide Trail System through an extensive internal pedestrian network linking front doors to common amenities. The site is walkable to many other local services and amenities including The Great Mall.
"This is a classic infill smart-growth development," said Arden Hearing, senior vice president of land acquisitions for Trumark Companies. "We have 22,000 jobs within a one-mile walk and all of Silicon Valley within a short drive. Jobs, BART, light rail, services, parks and schools are all walkable. This is why people live in the core Bay Area."
Construction of the 134 residences will be split among 42 three-story detached single-family homes and 92 three-story attached townhomes. Six different townhome floor plans are proposed, ranging in size from 2-bed, 2-bath with 1,400 square feet to 4-bed, 3.5-bath with 1,931 square feet. Homeowners interested in a detached single-family home will have two floor plans to choose from, ranging from 4-bed, 3.5 bath with 2,109 square feet to 4-bed, 2.5-bath with 2,370 square feet.
"Milpitas is a fantastic place to do business and a great place to live," said Chris Davenport, senior vice president for Trumark Companies. "Thanks to the efficiency of the City of Milpitas staff, this process has been seamless."
Trumark purchased the Contour property from Mission West Properties, a local REIT with a deep history in Silicon Valley, headed by real estate mogul Carl Berg.
"Mr. Berg is one of the Valley's real estate legends," said Hearing. "From the very beginning, he had faith in us even when the economic climate was less favorable in the local market. It has been an honor to work with him."
Trumark is building this project in partnership with Resmark Land and Housing. Resmark manages approximately $1 billion of capital for two of the nation's largest public pension funds. This transaction marks Trumark's fifth project in California with Resmark.
Trumark has approximately 2,000 units in its Bay Area pipeline. The company is currently selling Capitol Station, 34 townhomes in San Jose, and is due to break ground in the coming months on 94 homes known as "Centerplace on Capitol" just down the street from Contour in The City of San Jose.
Beyond Contour, Trumark continues to acquire development sites throughout the Bay Area with a focus on core infill TOD locations around the Bay Area and core Southern California.
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 $700 million in transactions since 2000, representing approximately 2,750 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 $950 million in future revenue.
Additional information is available at www.trumark-co.com
About The Resmark Companies
Since 1995, Resmark has offered equity investment capital and asset management 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 California and the Western United States and other select major metropolitan markets nationwide. Resmark currently manages approximately $1 billion of capital and has participated in more than 130 deals, encompassing more than 21,900 single-family and multifamily residential units and representing over $6 billion in cumulative and anticipated revenues. Headquartered in Los Angeles, Resmark also maintains corporate offices in San Diego and La Jolla. More information can be found at www.resmark.com.