Buying group pays well over $100 million to buy development site
DUBLIN (AP) — Two real estate firms have joined forces to purchase a large parcel of East Bay land that will be the site of a large housing development with several hundred residences in eastern Dublin.
According to documents filed with the Alameda County Recorder’s Office on September 29, Trumark Homes and Arroyo Capital Partners, acting through affiliates, paid $164 million for 162 acres of land on Croak Road.
Croak Properties, an affiliate of the Croak family that owned the property, sold it to a Trumark Homes affiliate for $164 million. Trumark then sold the 162 acres to an Arroyo Capital affiliate for $140.6 million.
According to a post on the company’s website, Irvine-based Arroyo Capital touts a business model that allows it to buy stakes in residential projects across the country.
“We invest with successful homebuilders and developers,” stated Arroyo Capital.
Aside from the one in eastern Dublin, Arroyo Capital has invested in several Bay Area residential projects. In San Joaquin County, the company is working on projects in Fremont, Newark, Antioch, Vacaville, and Mountain House.
In the case of the Croak land deal in eastern Dublin, Trumark Homes will have immediate access to the $140.6 million it received from selling the land to Arroyo Capital.
According to documents filed with Dublin city officials, Trumark Homes intends to build 537 residences on the site.
According to Google Maps, the development site is located north of Interstate 580, between the freeway’s interchanges with El Charro Road, Fallon Road, and Airway Boulevard.
According to the planning documents, Trumark intends to develop six neighborhoods and two public parks as the primary features of the project.
Trumark Homes did not respond immediately to a request for comment on the transaction and project plans.