Real estate firms team up for huge East Bay land grab ahead of housing

DUBLIN — Two real estate firms have teamed up to buy a huge chunk of East Bay land that is being eyed as the site of a large housing development in eastern Dublin consisting of several hundred residences.

Trumark Homes and Arroyo Capital Partners, acting through affiliates, have bought 162 acres of land on Croak Road in Dublin, paying $164 million for the property, according to documents filed on Sept. 29 with the Alameda County Recorder’s Office.

Croak Properties, an affiliate of the Croak family that had owned the property, sold the land to an affiliate of Trumark Homes for $164 million. Trumark then immediately sold the 162 acres to an affiliate of Arroyo Capital for $140.6 million.

162 acres of land at and near 4038 Croak Road in eastern Dublin, shown within the outline. Boundaries are approximate.(Google Maps)
162 acres of land at and near 4038 Croak Road in eastern Dublin, shown within the outline. Boundaries are approximate. (Google Maps)

Irvine-based Arroyo Capital touts a business model that enables it to buy stakes in residential projects nationwide, according to a post on the company’s website.

“We invest with successful homebuilders and developers,” Arroyo Capital stated in its website post.

Arroyo Capital has bought stakes in several Bay Area residential projects besides this one in eastern Dublin. The company is involved with projects in Fremont, Newark, Antioch, Vacaville and the Mountain House village in San Joaquin County.

Trumark Homes intends to build 537 residences on the site, according to documents on file with Dublin city officials.

FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Web Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – webtimes.uk. The content will be deleted within 24 hours.

Leave a Comment