DUBLIN, CA--(Marketwired - Jan 29, 2014) - Trumark Homes announced today it has secured funding to purchase the 184-acre Wallis Ranch, a residential housing development in East Dublin, Calif., that is approved for 805 single-family homes as part of a joint venture with Isles Ranch Partners, LLC and Castlelake, L.P., both alternative investment firms.
Wallis Ranch, one of the last remaining parcels of fully entitled land in the Bay Area, represents the most significant master-plan single-family land transfer over the past year.
"Wallis Ranch symbolizes Trumark's entrance into the master plan development marketplace," said Michael Maples, principal and co-founder of Trumark Companies and related entities. "We want to be a company that creates thoughtful, environmentally sensitive master plans that create community interaction, a sense of place and pockets of interaction with nature."
The community, which lies north of Roxbury on Tassajara Road and extends uphill to the Alameda/Contra Costa County line, will include eight new home communities. Grading and other infrastructure work will begin in May, when lots will be offered for sale to homebuilders.
Trumark aims to have the first model homes open by September 2015.
Wallis Ranch, designed by KTGY and Dahlin Group Architects, will offer a broad mix of home styles and sizes, including executive homes, single-family detached homes and townhomes ranging in size from approximately 1,700 to 4,100 square feet. Some homes will include first-floor bedrooms, California rooms, indoor-outdoor floor plans and multi-generation suites. Generous lot sizes will be up to 8,000 square feet.
Approximately 100 of the development's 184 acres will be dedicated to neighborhood parks, open space, semi-public use and a water-quality basin. Designed by Gates Associates landscape architects, the community grounds will include walking and biking trails; 83 acres of open space; a three-acre common area for the clubhouse, spa and fitness center; an outdoor kitchen; community gardens; a yoga lawn; a town square and a fire pit area.
Existing components of the original Antone School Building will be repurposed to create a new structure on the community green that will serve as a community center and home for numerous historic documents that date back to Dublin's early days.
"Wallis Ranch, with its vistas and meandering creek and oak trees, will be one of the most sought after neighborhoods in the East Bay," Maples said. "It will allow residences to be close to their jobs, but feel like they living in a natural preserve."
Located within the East Dublin Specific Plan Area, Wallis Ranch is nestled among the hills -- away from the freeway and congestion yet convenient to employment, shopping and transportation. A BART rapid transit station, providing a 40-minute commute to downtown San Francisco, is three miles away, Interstate 580 is two miles away, and the Altamont Commuter Express train, which offers direct rail access to Fremont, Santa Clara and San Jose, is less than 6 miles away. The Quarry Lane School, a private preschool, is across the street.
The property is being sold by The Lin Family & Jim Tong with Charter Properties. Trumark's Senior Vice President of Land Acquisition, Brian Steele, led the negotiations with broker David J Orozco of Cassidy Turley. The investment financing effort was handled by Managing Director John Manning and Senior Vice President Alex Witt of JLL's Real Estate Investment Banking group in San Francisco.
"There was a great deal of interest among investors in this opportunity because of its exceptional sponsorship and the fact that this fully entitled development will be delivering high quality new homes in a very desirable location within a hot Bay Area residential sector by 2015," Manning said.
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 3,800 lots in core in-fill areas of California, representing more than $2.3 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
About Isles Ranch Partners, LLC
Isles Ranch Partners targets opportunistic, value-driven investments primarily in the residential acquisition, development and construction (AD&C) space. Founded in August 2012, the firm has a team of 12 professionals in Newport Beach, California and Minneapolis, Minnesota. For additional information, please visit www.islesranch.com.
About Castlelake, L.P.
Castlelake, formerly TPG Credit, is a global institutional alternative investment firm focused on deep value, asset rich opportunities in dislocated industries. Formed in 2005 by Rory O'Neill, Castlelake today manages several funds with an aggregate of $2.7 billion of assets under management. Castlelake has a total of 55 professionals based in its Minneapolis, Minnesota and London offices. For more information please visit www.castlelake.com.
- Personal Investing Ideas & Strategies
- Real Estate
- East Dublin