REAL ESTATE
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Trumark Homes, continued ...
When the housing market begins to recover, Trumark Homes' goal will be to build top-of-the-line homes at competitive prices, targeting infill opportunities in constrained markets. The company will mainly try to work with finished lots and unencumbered properties.
The reduction in home prices, distressed property assets and the credit crisis have created opportunities in the land market, according to Maples. He believes this offers Trumark the ability to acquire lots at a cost that will deliver superior profit returns.
“A down real estate market is the perfect time to launch a homebuilding company since relationships have changed from old builders to new builders,” says Nelson. “We are at a competitive advantage."
The firm recently acquired about 4.4 acres of land in Upland, Calif., which will be developed into Wyeth Cove. The community will offer 39 single-family courtyard homes. Construction is expected to begin late this summer. Trumark also is working to purchase land to develop new residential projects throughout Orange and Santa Cruz counties.
The company is underwriting its current acquisitions and deals using private equity and does not expect to begin gaining debt until next year.
The Trumark Group of Cos. is a diversified real estate developer and builder with expertise in land acquisition, homebuilding, community design, entitlements and office, research and development, and retail development.
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Trumark Homes, continued ...
When the housing market begins to recover, Trumark Homes' goal will be to build top-of-the-line homes at competitive prices, targeting infill opportunities in constrained markets. The company will mainly try to work with finished lots and unencumbered properties.The reduction in home prices, distressed property assets and the credit crisis have created opportunities in the land market, according to Maples. He believes this offers Trumark the ability to acquire lots at a cost that will deliver superior profit returns.
“A down real estate market is the perfect time to launch a homebuilding company since relationships have changed from old builders to new builders,” says Nelson. “We are at a competitive advantage."
The firm recently acquired about 4.4 acres of land in Upland, Calif., which will be developed into Wyeth Cove. The community will offer 39 single-family courtyard homes. Construction is expected to begin late this summer. Trumark also is working to purchase land to develop new residential projects throughout Orange and Santa Cruz counties.
The company is underwriting its current acquisitions and deals using private equity and does not expect to begin gaining debt until next year.
The Trumark Group of Cos. is a diversified real estate developer and builder with expertise in land acquisition, homebuilding, community design, entitlements and office, research and development, and retail development.
<< PREVIOUS 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
