Why you should find a new home in a vibrant urban area

June 21, 2014

Young home buyers today aren’t easily sold on the suburbs, according to a recent study by Nielsen. Many Millennials prefer to find a new home in the city. They choose bicycle racks over driveways.

The Nielsen survey revealed that 62 percent of Millennials ages 18-36 prefer to live in urban areas so they can be close to shopping, dining out and work. Millennials make up 24 percent of the population in the U.S.

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Newark’s first housing development in more than a decade will add 164 homes

By Chris De Benedetti

NEWARK — A new tract of single-family houses and townhomes has begun taking shape, making it the city’s first new housing in more than a decade.

Trumark Homes will build 164 residences on 12 acres between Cedar Boulevard and Timber Street, renewing Newark’s aging housing stock.

The project signifies that the Bay Area’s building boom has come to Newark, and city leaders say they expect it stay for a while. Several projects are planned, including 550 homes approved for the Dumbarton transit-oriented development on the city’s western edge.

“This is the first of a number of projects adding high-quality housing in Newark,” said Assistant City Manager Terrence Grindall. “We’re looking forward to it energizing our community.”

Trumark will build 84 detached three-story houses averaging 2,200 square feet, and 80 attached two- and three-story townhomes.

The Danville homebuilder broke ground on the project last month and expects to complete it by early 2017.

The property, a former recreational vehicle/boat storage facility, is bounded byTimber Street, Cedar Boulevard and Interstate 880.

“It will provide a much better window into Newark and will improve that section of Cedar Boulevard,” said Christopher Davenport, a Trumark Homes executive.

The project’s total value, based on projected sales revenue, might reach $115 million, said Jason Kliewer, Trumark Homes’ chief investment officer.

“We want to develop … in major job centers,” he said. “Newark’s proximity to Silicon Valley is highly attractive to us.”

The detached single-family homes on small lots, which in the Bay Area average nearly $1 million, will start at around $750,000, Kliewer said. The townhouses will list for about $550,000, he said.

None of the development’s 164 units are designated for affordable housing, city leaders said.

Newark allows developers to choose whether to include affordable housing or pay a fee of $25,000 per unit and, “almost universally, they choose the fee,” Grindall said.

Newark will use Trumark’s $4.1 million fee to acquire land for affordable housing, he said.

The new development will give the city tax revenue and a needed infusion of fresh housing stock, said City Manager John Becker.

“Most of Newark’s homes were built between the 1950s and the ’70s,” he said. “New homes generate property tax revenue and new residents that shop in your city. These types of housing projects are absolutely critical for the future of Newark.”

 

TRUMARK URBAN ENTERS LOS ANGELES MARKET WITH THE ACQUISITION OF A $100-MILLION-PLUS 24-FLOOR CONDO COMPLEX IN SOUTH PARK

June 17, 2014

LA-Condo-Rendering

San Francisco-Based Developer with 1,200+ Units in Its Pipeline Looking to Make a Splash in Southern California

LOS ANGELES – June 17, 2014 – Trumark Urban announced today it has purchased a fully entitled development site in the South Park neighborhood of downtown Los Angeles, where it will build a $100-million condominium complex of 24 floors with 151 units. The property, located at the corner of West 11th Street and South Grand Avenue, will fill a growing demand for affordable for-sale homes in the city’s urban core.

“This building is the right size and location for our entry into the market,” said Arden Hearing, managing director of Trumark Urban. “Many developers are building rental apartments, which has helped to bring retail services to the area, but the sub-market is dramatically lacking new condo inventory for those residents who prefer ownership.  In that, we see opportunity.”

An offshoot of San Francisco Bay Area-based Trumark Companies, Trumark Urban recently expanded into Los Angeles and now has more than 1,200 residential units across 10 projects in process between Los Angeles and San Francisco, for a total investment exceeding $750 million.

“We have been watching Los Angeles for years, and downtown specifically,” Hearing said. “We see a unique confluence of events that results in a burgeoning urban scene ready-mixed with jobs and amenities.”

The South Park site was entitled in 2007 and has been sitting on the shelf since the financial crisis. Trumark Urban will spend the rest of this year on design and entitlements and plans to break ground on the condos in January 2015. The condos will be offered to the market in early 2016 with closings later that year.

With this project, Trumark Urban is refreshing the design, amenity offerings and unit mix for a new generation of buyer. The condos will have a sophisticated, contemporary design, and amenities will include a sky-pool lounge area with outdoor fire pits and barbecues, pet-washing stations, a movie theater, and community and business areas.

“We are excited to offer this project in such a special location to a market that is really underserved in terms of new condo inventory,” said Kevin Bixler, site acquisition manager for Trumark Urban. “We are looking aggressively for additional A+ sites in various, targeted, locations around Los Angeles.”

Trumark Urban is under contract to purchase a second downtown Los Angeles development site, also slated for condo development.  Construction is anticipated in the 3rd quarter of 2014.

Trumark Urban continues to buy property in San Francisco and Los Angeles and is exploring new acquisitions in markets beyond 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 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 IN 2011 to focus on for-sale condos, the division has acquired ten sites between San Francisco and Los Angeles that are targeted for over 1,200 condominium units with total projected revenues expected to exceed $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/commercial

 

 

Los Angeles Curbed “South Park’s 24-Story Glass Tower is Back From the Dead”

June 16, 2014

 

Everything old is new again! A 24-story condo tower project at Eleventh and Grand, floundering since the mid-aughts, looks to be on track again with a new owner, new name, and a new timeline, reports the LA Times.

The “ultra-sophisticated” project formerly known as the Glass Tower will have 151 units, groundfloor retail (restaurants, shopping), and two-story penthouses on the roof. For years the project just could not get off the ground—not in 2008 andnot in 2009.

By the fall of 2011, the owner listed the lot with its entitlements and that was the last word for years.

The project was recently purchased by SF-based Trumark Urban, which plans to make minimal changes to the existing designs so they don’t have to go back through the long process for new approvals. They have, however, asked Downtown firm HansonLA to “refresh” the design, and we’ll have those to show off tomorrow.

Los Angeles Curbed “South Park’s 24-Story Glass Tower is Back From the Dead”

CurbedLA-Horizontal

Everything old is new again! A 24-story condo tower project at Eleventh and Grand, floundering since the mid-aughts, looks to be on track again with a new owner, new name, and a new timeline, reports the LA Times.

The “ultra-sophisticated” project formerly known as the Glass Tower will have 151 units, groundfloor retail (restaurants, shopping), and two-story penthouses on the roof. For years the project just could not get off the ground—not in 2008 andnot in 2009.

By the fall of 2011, the owner listed the lot with its entitlements and that was the last word for years.

The project was recently purchased by SF-based Trumark Urban, which plans to make minimal changes to the existing designs so they don’t have to go back through the long process for new approvals. They have, however, asked Downtown firm HansonLA to “refresh” the design, and we’ll have those to show off tomorrow.