Homebuilder buys big chunks of East Bay land where hundreds of houses are eyed
LIVERMORE — A veteran residential developer has bought big chunks of land in Livermore where more than 400 homes are being eyed, in a sign that buyers still hunger for choice Bay Area sites where housing is viable.
Trumark Homes, acting through an affiliate, has paid $75 million in cash to buy a 28.9-acre Livermore site near the interchange of Interstate 580 and First Street, according to documents filed on Jan. 19 with the Alameda County Recorder’s Office.
“Livermore is a thriving destination where young professionals and families want to live,” said Tony Bosowski, Northern California division president with Trumark Homes. “Arroyo Vista will be a truly unique new home community offering something for everyone.”
The property deal was arranged through brokers Michael Lloyd and John Steinbuch of Colliers, a commercial real estate firm.
“This will be one of the few new housing projects for the next three years” in this area, Lloyd said, adding that housing remains in scarce supply in the Bay Area compared with the demand.
Pell Development, a family-owned real estate firm based in San Rafael, sold the property to Trumark Homes, the county records show. Pell acted through an affiliate.
“The owner of the property wanted to sell to a premier housing developer,” Lloyd said. “That’s why Trumark was a good fit.”
At one point, it was possible the property could have been developed as a business, office, or industrial park. Over time, though, as the Bay Area’s housing woes intensified, Livermore officials reimagined the property as a choice site for residential development.
The just-bought property is roughly bounded by Arroyo Vista, Las Positas Road, Bennett Drive, an industrial park and the Seco Arroyo streambed.
Trumark Homes is planning a residential development called Arroyo Vista that would consist of 434 residences. These would include 348 townhomes and 86 detached houses.
As part of the deal, Trumark Homes assumed a prior development agreement that Summerhill Homes had reached with city officials as part of Summerhill’s efforts to obtain entitlements for the property.
Trumark executives are enthusiastic about the site primarily due to its location and Livermore’s economic prospects.
“From the historic wine country and charming downtown to its convenient access to Silicon Valley, Livermore is a highly desirable location in the Tri-Valley for homebuyers seeking an exceptional quality of life,” Bosowski said.