REAL ESTATE
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Irvine-based Trumark Cos. launches homebuilding firm
Trumark Homes will take advantage of distressed land opportunities in anticipation of market rebound.
By Kristen SchottPublished: June 12, 2009 10:38 AM
Trumark Cos., a land development firm with Southern California headquarters in Irvine, is launching a new homebuilding arm, Trumark Homes.
Touted as "new generation" by the company, Trumark Homes will work with distressed land – land that is selling for far less than its historical or long-term value because it is being sold during a dip in the real estate cycle – opportunities in anticipation of a rebound by the housing market.
The company believes Trumark has an advantage because it isn't burdened by the financial challenges facing current builders in light of the housing meltdown.
“We will be the new generation of homebuilders who are responsive, focused and unburdened by legacy issues, large bureaucratic systems or broken projects,” says Michael Maples, principal of Trumark Homes and co-founder of Trumark Cos.
He says the strategy is to develop Trumark Homes into a large West Coast homebuilding firm that works in the Northern and Southern California markets, particularly focusing on distressed land.
Spearheading the launch of Trumark Homes, along with industry veteran executives Marty McComas and Jason Kliewer, are co-founders Maples and Gregg Nelson, also a principal. They have more than 40 years of real estate experience in residential and commercial acquisition, planning, entitlement, financing, construction and sales.
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Touted as "new generation" by the company, Trumark Homes will work with distressed land – land that is selling for far less than its historical or long-term value because it is being sold during a dip in the real estate cycle – opportunities in anticipation of a rebound by the housing market. The company believes Trumark has an advantage because it isn't burdened by the financial challenges facing current builders in light of the housing meltdown. “We will be the new generation of homebuilders who are responsive, focused and unburdened by legacy issues, large bureaucratic systems or broken projects,” says Michael Maples, principal of Trumark Homes and co-founder of Trumark Cos. He says the strategy is to develop Trumark Homes into a large West Coast homebuilding firm that works in the Northern and Southern California markets, particularly focusing on distressed land. Spearheading the launch of Trumark Homes, along with industry veteran executives Marty McComas and Jason Kliewer, are co-founders Maples and Gregg Nelson, also a principal. They have more than 40 years of real estate experience in residential and commercial acquisition, planning, entitlement, financing, construction and sales. NEXT PAGE >> Related headlines 'OC METRO Minute,' June 12: Median asking price of home, condo in O.C. Prudential rebrands commercial brokerage operation O.C. sees 20 percent drop in foreclosure activity between April and May 'OC METRO Minute,' June 9: Impact of distressed-home sales |
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