Welcome!

News Feed Item

Trumark Companies' New Urban Division to Build Six Condominium Communities in San Francisco for a Total Investment Exceeding $300 Million

Trumark Urban Sees Opportunity as Supply of For-Sale Units Dwindles; Condo Developments Will Offer Exciting Urban Lifestyle in City's Unique Downtown Neighborhoods

SAN FRANCISCO, CA -- (Marketwire) -- 01/14/13 -- Trumark Companies announced today a major move into San Francisco's underserved condominium market with the launch of Trumark Urban.

The new division has acquired six sites in the city's urban core for mid- and high-rise condominium communities with plans in the works for more than 500 for-sale units. The portfolio represents a commitment of investment exceeding $300 million with the first project expected to break ground in early 2013.

As the economy has rebounded, urban housing has been in high demand for months, especially along the coast, said Trumark principal and co-founder Gregg Nelson.

"But almost all the housing that's been created has been rental housing," said Nelson. "We see an exploding opportunity, and an exploding demand, for for-sale housing in core urban areas because there's almost a complete lack of supply."

Trumark Urban's managing director, Arden Hearing, said the six sites are exceptional in terms of transit access, walkability to restaurants and shopping, local appeal, individuality and potential for bringing dramatic improvement to the surrounding area.

"We want to take great places and make them better," said Hearing. In Nob Hill, for example, Hearing envisions turning a dilapidated auto repair shop into a high-rise condominium community with commercial/retail on the ground floor and perhaps a public-private art gallery in the alley.

"We want to bring life to the street -- revitalize areas in great San Francisco locations that are already right next to jobs, services and restaurants," he said.

A November report on San Francisco housing inventory illustrates the dearth of condominiums in the pipeline.

New condominium construction is expected to be minimal from 2012 to 2015, the Polaris Group reported in its November 2012 analysis of San Francisco real estate.

In fact, available new condominium inventory is forecasted to be less than 200 units per year from 2012 through 2015, the report states.

"For a city of over 800,000 residents, such low inventory is fairly remarkable," said Nelson.

"Trumark Urban will debut in San Francisco because of strategic reasons," says Michael Maples, who co-founded Trumark with Nelson in 1988. "First, there is a movement of tech companies choosing to locate in San Francisco over Silicon Valley. Second, a large portion of the young tech work force is choosing to live in San Francisco, even if it means commuting to Silicon Valley. And thirdly, we are seeing more move-down baby boomers choose to maintain a residence in highly amenitized urban areas."

"All these groups appreciate the rich amenities found in cities -- walkability to entertainment, cultural events and transit. All this at a time when people are, once again, recognizing the value of buying verses renting," Maples said.

In the past two years, housing prices have increased more than 10 percent in San Francisco, said Jason Kliewer, partner and chief investment officer of the firm who is responsible for all aspects of land acquisition, neighborhood planning and entitlement processing.

"Because of the rebounding housing market and ongoing creation of high-paying jobs in the Bay Area, we feel our footing is strong," Kliewer said.

Trumark's Vice President of Sales and Marketing, Mark Higgins said that condominiums will range in size from 500 to 1,500 square feet, depending on the location. The portfolio includes higher-end homes over $2 million as well as approachable market-rate housing under $500,000.

"We are looking at various amenities that appeal to this unique buyer, including personal bicycle-storage and tune-up facilities, onsite community art galleries, shared-vehicle parking and innovative outdoor spaces and uses," Higgins said.

Trumark Urban is an offshoot of Trumark Homes, which has raised more than $140 million in equity for single-family residences in suburban areas. Trumark Homes currently has 2,000 lots in pipeline in Northern and Southern California and "will continue to expand that brand," Nelson said.

Trumark Urban has a different focus, he said. "We've put together the opportunities, and we're aligning ourselves with equity partners who see the opportunity the way we do."

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 Companies is the residential development arm of the organization and has completed over $600 million in transactions since 2000, representing approximately 2,500 lots in Northern and Southern California. www.trumark-co.com/companies

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

Trumark Homes is a new generation homebuilder that is nimble, focused and unburdened by broken projects of the past. Since May of 2009, Trumark has raised more than $140 million of equity and funded 15 deals. Its pipeline exceeds 2,000 lots in core urban areas of California, representing more than $900 million in future revenue. www.trumarkhomes.com

Trumark Urban engages in multifamily acquisition and development 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 six sites in San Francisco for mid- and high-rise condominium communities with plans in the works for more than 500 units. www.trumarkurban.com

Add to Digg Bookmark with del.icio.us Add to Newsvine

Media Contacts:
Anton Communications
Vanessa Showalter
Email Contact

Genevieve Anton
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., and Logan Best, Infrastructure & Network Engineer at Webair, focused on real world deployments of DDoS mitigation strategies in every layer of the network. He gave an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He also outlined what we have found in our experience managing and running thousands of Linux and Unix ...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
"We view the cloud not really as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"Software-defined storage is a big problem in this industry because so many people have different definitions as they see fit to use it," stated Peter McCallum, VP of Datacenter Solutions at FalconStor Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
With 15% of enterprises adopting a hybrid IT strategy, you need to set a plan to integrate hybrid cloud throughout your infrastructure. In his session at 18th Cloud Expo, Steven Dreher, Director of Solutions Architecture at Green House Data, discussed how to plan for shifting resource requirements, overcome challenges, and implement hybrid IT alongside your existing data center assets. Highlights included anticipating workload, cost and resource calculations, integrating services on both sides...
"We provide DevOps solutions. We also partner with some key players in the DevOps space and we use the technology that we partner with to engineer custom solutions for different organizations," stated Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
In his session at @DevOpsSummit at 19th Cloud Expo, Yoseph Reuveni, Director of Software Engineering at Jet.com, will discuss Jet.com's journey into containerizing Microsoft-based technologies like C# and F# into Docker. He will talk about lessons learned and challenges faced, the Mono framework tryout and how they deployed everything into Azure cloud. Yoseph Reuveni is a technology leader with unique experience developing and running high throughput (over 1M tps) distributed systems with extre...