NEWARK, CA--(Marketwired - May 13, 2014) - Trumark Homes, a new generation homebuilder, recently closed on its fourth acquisition near the Silicon Valley, an 11.98-acre, 164-unit residential development project located on Timber Street and Cedar Boulevard in Newark, Calif. The project's total value is $115 million. Trumark Homes broke ground on the project in May- the first new development in Newark in more than a decade.
The new neighborhood will provide a combination of medium-density single-family detached homes and higher-density multifamily townhomes for sale within a short distance of the Dumberton Bridge, AC Transit and the Dumbarton Express.
"This project is located in a great central Bay Area location with access to BART, bridges and freeways, allowing residents to work in San Francisco, Oakland, East Bay, Peninsula, Silicon Valley and San Jose," said Christopher Davenport, senior vice president of land development for Trumark Homes. "The city has encouraged this property to be converted from an old RV storage parking lot to something better. This strip of land is adjacent to the freeway and will provide a much better window into Newark and will improve that section of Cedar Boulevard as well."
Trumark will make additional off-site improvements -- including a new median in Cedar Boulevard and a new sound wall for approximately 20 homes on the opposite side of Cedar Boulevard -- that will further improve the area's aesthetics.
The 164 residences will include 84 three-story detached single-family homes averaging 2,200 square feet and 80 two- and three-story attached townhomes. Six different floor plans are proposed, ranging in size from three-bed, three-bath with 1,573 square feet to four-bed, three-and-a-half-bath with 2,379 square feet.
Residents will be a short distance from many other local shopping and amenities including Costco, Walmart, and Kohl's. The city of Newark offers more than 13 parks and sport play facilities, including the George M. Sillman Community Activity and Family Aquatic Center, and op schools, including Milani & Bunker Elementary, Newark Junior High and Newark Memorial High School.
"The City of Newark has been very helpful and accommodating with this project, and they've supported this development from day one," Davenport said.
Broker Steve Tao of Mason McDuffie Commercial represented the seller, Emmett Family Limited Partnership. The project's architect is KTGY Group.
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.trumark-co.com/companies
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. Since making the strategic decision to focus on San Francisco in 2011, the new division has acquired seven sites in San Francisco for high-density condominium communities with plans in the works for more than 600 units with total projected revenue in excess of $700 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/commercial