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Posts Tagged ‘real estate’

2015: A BANNER YEAR FOR SAN JOAQUIN VALLEY HOMES

January 17th, 2016

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Homebuilder Sold 268 Homes During Second Year in Business,
Had 73 Closings in December

VISALIA, Calif. – Local homebuilder San Joaquin Valley Homes (SJV Homes) had a successful year in 2015 with 268 homes sold. SJV Homes constructed and closed 237 homes in 2015 —a 67 percent increase over the 142 homes it closed in 2014. The company also closed out one subdivision and added two more.

“Our second full year as a production homebuilder has been a very successful and satisfying year,” said Joe Leal, co-founder for Visalia-based San Joaquin Valley Homes. “And we continue to grow, we are adding a new neighborhood, Sedona, at the Palo Verde master plan in East Tulare and hope to have a grand opening in March. We will work around the El Nino spring rains to schedule that because we, like everyone else, desperately want rain for our region.”

SJV Homes closed out Catalina in December 2015, its first subdivision in Tulare County with 71 units.

“Catalina is a beautiful neighborhood that was well-received, and our thanks go out to our superintendent Chris Machado for a job well done,” Leal said.

In 2015, SJV Homes added two more subdivisions, Visalia at San Marino and Tuscany at Bakersfield. The homebuilder has five neighborhoods in Tulare County and two properties in Kings County, the nation’s second-fastest-growing urban county.

Founded in 2013 by Leal, Jim Robinson and Randy Merrill, who had overseen construction of more than 800 quality homes a year while working together for another builder, SJV Homes has grown from one home closing in its first year to 237 home closings in 2015. The company’s commitment to quality—based on the founders’ eternal question, “Would our own wives be happy with it?”— has earned it deep customer loyalty and trust.

The following is a breakdown of SJV Homes’ current projects:

Tulare County
Catalina, 71 units, Tulare, Calif. (sold out)
Chelsea Place, 155 units, Visalia, Calif.
San Marino, 95 units, Visalia, Calif.
Savannah, 130 units, Tulare, Calif.
Sedona@Palo Verde, 51 units, Tulare, Calif.

Kings County
Hartley Grove, 182 units, Hanford, Calif.
Pheasant Ridge, 73 units, Corcoran, Calif.

Kern County
Tuscany, 116 units, Bakersfield, Calif.

About SJV Homes

Deeply rooted in residential construction, the founders of Visalia, California-based San Joaquin Valley Homes have built thousands of quality homes and attractive neighborhoods for Central Valley residents. Founders Joe Leal, Jim Robinson and Randy Merrill share a vision of delivering excellence through every level of building, delivering wonderful homes in great neighborhoods. In 2013, SJV Homes combined forces with Presidio Residential Capital, a real estate investment company based in San Diego. www.sjvhomes.com

Strategic Storage Growth Trust, Inc. (SSGT) in Contract to Acquire Four Self Storage Facilities Located in Texas and Colorado for $39 Million

January 7th, 2016

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After Closing, SSGT’s Current Portfolio Will Include Approximately 8,460 Units and Approximately 980,000 Square Feet

SAN ANTONIO, TX and KINGWOOD, TX and AURORA, CO – Strategic Storage Growth Trust, Inc. (SSGT), which is sponsored by SmartStop Asset Management, LLC, is in contract to acquire four self storage facilities totaling approximately $39 million, 279,700 net rentable square feet of storage space and 1,840 units. This portfolio consists of two self storage facilities located in San Antonio, Texas, one self storage facility located in Kingwood, Texas and one self storage facility located in Aurora, Colo.

“Our strategy is to add more high quality, growth oriented facilities into our portfolio and this acquisition is a perfect example,” said H. Michael Schwartz, chairman and CEO of SSGT.

The details of the Texas/Colorado portfolio are as follows:

  • 8239 Broadway, San Antonio, TX: approximately 490 units, approximately 76,700 square feet.
  • 875 E. Ashby Place, San Antonio, TX: approximately 440 units, approximately 83,400 square feet.
  • 1671 North Park Dr., Kingwood, TX: approximately 470 units, approximately 60,100 square feet.
  • 500 Laredo, Aurora, Colo: approximately 440 units, approximately 59,500 square feet.

This portfolio will offer climate controlled units, drive-up units and covered RV spaces.

About Strategic Storage Growth Trust, Inc. (SSGT)

SSGT is a public non-traded REIT that focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. The SSGT portfolio currently consists of nine self storage facilities located in five states comprising approximately 6,620 self-storage units and approximately 700,200 net rentable square feet of storage space.

About SmartStop Asset Management, LLC
SmartStop Asset Management, LLC is a diversified real estate company with a managed portfolio that currently includes approximately 31,000 self storage units and approximately 3.4 million rentable square feet. The company is the asset manager for 49 self storage facilities located throughout the United States and Canada. SmartStop Asset Management is the sponsor of SSGT and Strategic Storage Trust II, Inc. (SST II), a public non-traded REIT that focuses on stabilized self storage properties. The facilities offer affordable and accessible storage units for residential and commercial customers. In addition, they offer secure interior and exterior storage units as well as outside storage areas for vehicles, RVs and boats. Additional information is available at www.smartstopassetmanagement.com.

Trumark Homes and Resmark Land and Housing Ramp Up Development in Silicon Valley

September 13th, 2012

Trumark Breaks Ground on Its Latest San Jose
Community of 94 Townhomes, Marking Its Third
Silicon Valley Acquisition in Just 150 Days

SAN JOSE, CA-– Trumark and Resmark Land and Housing, a division of The Resmark Companies, announced today that they have acquired 4.4 acres in San Jose for a major residential development of 94 townhomes to be called Centered on Capitol.

For Trumark Homes, this represents the third Silicon Valley project the fast-expanding company has acquired in the past 150 days, two of which involve Resmark as a partner.

The acquisition further boosts Trumark’s profile in Silicon Valley, where the company revived the 45-unit Capitol Station project (formerly known as Grandview Terrace) in San Jose this spring and purchased the 134-unit Contour development in nearby Milpitas in July. Resmark Land and Housing is the equity partner for Trumark on both the Centered on Capitol and Contour projects.

The three projects — all located within a five-mile radius of each other — represent 262 units with a projected sales revenue that will total more than $150 million.

“We targeted the Silicon Valley residential market very early on as one of the nation’s first areas to experience job growth and economic recovery,” said Principal and CEO Michael Maples. “For the past 36 months we have focused a significant amount of our acquisition efforts in this market, so that today we are well positioned with a strong inventory. We are still very bullish here on the buy side.”

“As real estate investors, we look for long-term relationships and do repeat deals with high-quality builders and developers that share our vision, like Trumark,” said Robert N. Goodman, Chairman and CEO of The Resmark Companies. “Trumark has strong market penetration and long-standing relationships that allow them to bring us great opportunities in the core markets of Silicon Valley, Los Angeles and Orange County.”

Trumark broke ground last week on its newest project, the townhome community of Centered on Capitol at 1328 N. Capitol Ave., demolishing an abandoned building on the former farmland. Community amenities will include nicely designed public spaces via a park, central courtyard fountain, outdoor built-in kitchen, shade sails and bistro seating, and a large children’s tot lot. The townhomes, ranging in size from 1,414 to 1,986 square feet, are slated to open for sales the first quarter of 2013.

The seller was a family of fourth generation farmers who had owned the land since the late 1800s, although the property was no longer being used for agricultural purposes.

“We’ve been tracking this land since 2008 and we weren’t the only ones,” Maples said. “But the owners knew of our reputation as problem solvers, came to trust our team and recognized that our expertise in planning and entitlement would actually add value to their property.”

Trumark projects a November close-out on Capitol Station, the townhome community the developer took over from US Bank earlier this year. Eleven of the 45 Mediterranean-style homes had been completed and sold in the summer of 2008 by its previous developer. Trumark is currently completing construction on the remaining 34 unfinished units and had sold more than 80 percent of them by mid-August.

Construction of the Contour development in Milpitas is scheduled for the first quarter of 2013 with new homes going on the market as early as next summer. The nine-acre project will provide a combination of medium-density single-family detached homes and higher-density multifamily townhomes within a 10-minute walk of the VTA Light Rail Station and the future Milpitas BART Station. The community will be connected to the Citywide Trail System through an extensive internal pedestrian network linking front doors to exceptional gathering spaces and common area amenities.

These three projects will supply a steady flow of new housing in a very tight market over the next 18 months.

Since May 2009, Trumark Homes has raised more than $140 million in equity and funded 16 deals in Northern and Southern California. More than 80 percent of the 2,000+ lots that Trumark controls are in its pipeline in the San Francisco Bay Area.

“Because we also deal in commercial real estate in the Bay Area, we saw the early signs of job growth before most builders,” said Gregg Nelson, principal of Trumark Commercial. “In early 2010 companies began looking for office space well in advance of hiring people. That’s how we knew that jobs were coming soon to Silicon Valley and that demand for new housing would be next.”

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 $700 million in transactions since 2000, representing approximately 2,750 lots in Northern and Southern California.

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.

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 16 deals. Its pipeline exceeds 2,000 lots in core urban areas of California, representing more than $950 million in future revenue.
Additional information is available at www.trumark-co.com
About The Resmark Companies
Since 1995, Resmark has offered equity investment capital and asset management powered by core foundational discipline and focus. A fully integrated real estate investment group, The Resmark Companies’ divisions — Resmark Land and Housing, Resmark Apartment Living and Resmark Shopping Centers — finance, acquire, develop and manage real estate in California and the Western United States and other select major metropolitan markets nationwide. Resmark currently manages approximately $1 billion of capital and has participated in more than 130 deals, encompassing more than 21,900 single-family and multifamily residential units and representing over $6 billion in cumulative and anticipated revenues. Headquartered in Los Angeles, Resmark also maintains corporate offices in San Diego and La Jolla. More information can be found at www.resmark.com.

Alegria Real Estate Funds Purchases 100th Distressed Single-Family Home in San Diego County

June 26th, 2012

 

Local Investment Group Has Quickly Become One of the Largest Homebuyers in San Diego County; Providing Homes for Families and Fueling the Recovery

CHULA VISTA, CA–(Marketwire – Jun 26, 2012) – Back in 2010, an entrepreneurial real estate investment professional named Ronnie Morgan was looking for something to do while the real estate market was bottoming out. He huddled with his partners Elias Lilienthal, Brad Tuck and Ari Hirshhorn, and together they formed a private investment fund to pick up a few foreclosed or underwater homes.

Now, two years later, Alegria Real Estate Funds just purchased its 100th distressed property and having spent over $41 million during that time, is one of the largest homebuyers in San Diego County.

The Alegria funds buy hard assets — detached, single-family homes — at the bottom of the market for cash, in areas with a lack of inventory and high barriers to entry. Competition for these homes has heated up significantly over the past few months, which the fund’s principals see as a sign that the local housing market is turning around.

“The bottom line is that the recovery is happening in San Diego County and it’s happening now,” said Morgan. “Housing prices have hit a sweet spot, mortgage interest rates are at all-time lows, and people are feeling more secure in their jobs so they are more willing to purchase. This is a great time to be investing in residential real estate.”

The first Alegria fund raised approximately $5 million and was used solely to buy homes one-by-one on the courthouse steps or through a short-sale, renovate them and sell them to families who could afford them. The second fund raised approximately $6 million and was used for the same purpose.

The third fund will raise up to $10 million. Unlike the first two funds, however, Alegria Real Estate Fund 3 is being applied to a different business model. Not all the high-quality homes purchased are being resold immediately; some are being refurbished and rented, part of a longer-term hold approach. The plan is to sell them in a few years once the market has rebounded.

“We’re at the forefront of the housing recovery,” Morgan said. “We go into a neighborhood and acquire a property that needs a little TLC, fix it up, price it to market and put a family in it — a family that needs a home, wants a home, can afford it and can take care of it. What our company and others like it are doing is absolutely essential to getting rid of the glut in housing inventory. Once most of these distressed properties are absorbed, everyone’s home value is going to improve.”

May was one of the Alegria Real Estate Funds’ biggest, most active months to date in terms of buying and selling inventory and returns are higher than in previous quarters. The funds are continuing to acquire inventory both at auction as well as through short sales transacted directly with homeowners with the mortgage holder’s consent.

“We work with knowledgeable real estate brokers and do a great deal of up-front homework in identifying potential properties for acquisition,” said Morgan. “It’s very competitive on the courthouse steps and we have to stay disciplined. We start the day with a plan and with bidding limits on specific properties, and we bid up to those limits and no higher.”

The Alegria Real Estate Funds focus primarily on newer single-family homes. The needs of these houses are generally limited to some fresh paint, a little landscaping attention and perhaps some carpeting. That keeps the fund’s renovation costs low, and acquiring homes in master-planned communities ensures similar, common floor plans so that there are fewer surprises.

While many of the homes acquired by Alegria to-date are in the South Bay area of San Diego County, the funds have also acquired condominium properties in downtown San Diego and have expanded into North County.

Alegria Real Estate Funds pay on average between $200,000 and $600,000 per house in neighborhoods where as many as half of the homes are either underwater or in foreclosure. Ninety percent of the homes they purchase are occupied.

About The Partners

  • Ronnie Morgan is currently a principal with MKS Residential LLC, an institutional-quality apartment developer. MKS is a successor company to the Morgan Group, Inc., where he was a co-founder and co-chairman. He began his career as a real estate attorney in Houston where he practiced with two downtown law firms during the 1980s. In 1995, he served as the president of the Houston Apartment Association and in 2005-06, after relocating to the San Diego area, was chairman of the San Diego Chapter of the Young Presidents Organization (YPO).
  • In 1998 Elias Lilienthal immigrated to the United States from Mexico City, where he was CEO/President and shareholder in multiple family-owned manufacturing companies in a variety of industries. In the United States Mr. Lilienthal has been actively involved in the development and construction of custom homes and other real estate investment and development activities. He has been an active member of the Young Presidents Organization for many years.
  • Bradley J. Tuck has more than 23 years of diversified expertise in the real estate development industry. Since founding Bradley Land Group in 2004 he has directed the entitlement of more than 400 homes and mixed-use projects throughout San Diego County. He previously served in executive leadership positions with D.R. Horton and the Corky McMillin Companies, a San Diego-based private real estate development, home building and realty company.
  • Ari Hirschhorn is the co-chairman of Grupo Hir, a Mexican firm with over 50 years of experience financing and constructing low-income housing in Mexico. He has managed the construction and sale of more than 350,000 housing units and used his expertise to direct similar projects in Southern California. Under Mr. Hirschhorn’s direction Grupo Hir has added numerous subsidiary organizations and expanded its activities across North America.

About Alegria Real Estate Funds The Alegria Real Estate Funds were started in 2010 and are active in purchasing distressed properties for both renovation and sale and for long-term hold investments. Its four founding partners have extensive experience in the areas of finance, investment, real estate acquisition and single-family and multifamily housing development and construction. During the ongoing housing market recovery, the Alegria Real Estate Funds (Alegria is the Spanish word for joy or happiness) have purchased more than 100 houses throughout San Diego County and in the process provided homes for scores of families while helping to fuel the recovery of the housing market.

 

Media Relations: Putting Wood Partners on the National Housing Map

April 13th, 2012

Wood PartnersChallenge: Founded in 1997, Wood Partners had become the No. 1 multifamily builder in the nation with 6,000+ apartment starts in 2004. By 2007, it was named “The Fastest Growing Private Builder” in America by Builder magazine. Yet the company had almost no name recognition outside of its base in the Southeast and Texas, and that became a problem when Wood Partners wanted to expand, especially during the downturn when financing was tight.

 

Action: To build awareness of the Wood Partners brand, tout its track record and announce its expansion, Anton Communications implemented a comprehensive media relations and marketing campaign. It began with the successful launch of the company’s first California office in 2007, followed by the opening of a Denver office in 2008, and others in Seattle (2010) and Boston (2011). We also announced new acquisitions nationwide and promoted the company and its executives through proactive media pitching, executive interviews and speaking engagements at key industry conferences. Eventually, Wood Partners offices across the country began to call on our firm to help with grand openings of new communities and other special events, apply for industry awards and assist with social media efforts. In 2010 we were invited to join the in-house team in charge of developing a new website and created most of the content.

 

Results:  In 2011 alone, our firm generated 300+ positive news articles about Wood Partners with 10.4 million impressions, including coverage by the New York Times, the Financial Times, the Wall Street Journal and major newspapers in every city where it is actively developing. The print publicity was worth an estimated $442,000. Wood Partners has emerged from the depths of the housing crash as the nation’s second largest multifamily developer with almost 4,000 starts in 2011 – and everybody knows their name now.

Entitlement Battles: The Irvine Company

March 20th, 2012

This post is part of a series on how good public relations can help businesses make a name for themselves, promote their products & services, land speaking engagements for executives, influence public opinion or handle crisis situations.

Challenge: Anton Communications has been a consultant for The Irvine Company since 2000, working on entitlement and new community projects that include Turtle Rock, Shady Canyon, East Orange and the Northern Sphere near the Saddleback Mountains. New developments of this size are often difficult to entitle in California and require strong community support.

Action: We have assisted with community surveys and focus groups, participated in strategy meetings, organized supporters and speakers at local hearings and provided written copy for several publications designed to share information about the planned communities.

Results: All of these projects were ultimately approved with strong community support and sales have been brisk even in the most recent neighborhoods that opened during a downturn in the housing market nationwide.

 
 

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