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
"Storpool does only block-level storage so we do one thing extremely well. The growth in data is what drives the move to software-defined technologies in general and software-defined storage," explained Boyan Ivanov, CEO and co-founder at StorPool, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Is advanced scheduling in Kubernetes achievable?Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.