The Resmark Companies to Develop Transit-Oriented Townhomes in Milpitas, California
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LOS ANGELES, CA and MILPITAS, CA, Aug 31 (MARKET WIRE) -- The Resmark Companies (Resmark), announced today that it has acquired approximately 13 acres of land in the City of Milpitas, California and will develop a new townhome project that will offer 285 attached for-sale residences positioned to capture first time home buyers in Milpitas and the surrounding Silicon Valley. The project property, currently known as Murphy Ranch, is in a highly accessible location in one of the premier employment corridors in the country, just minutes from many of the area's main commuter corridors. Bordering the city limits of San Jose and set within the "Golden Triangle" housing Silicon Valley's signature companies, the site is west of the intersection of Murphy Ranch Road and SanDisk Drive, across the street from both the SanDisk and Cisco Systems office campuses. Murphy Ranch will be comprised of 285 attached residences in two- and three-story configurations, with a mix of 144 row townhomes and 141 townhomes and flats in a motor court configuration. The two product lines' floor plans will range from 1,240 to 1,993 square feet. The community will also offer a pool, spa and clubhouse, and is adjacent to a public park featuring open space and a sports court that is nearly complete, as well as the Coyote Creek Trail, which is ideal for hiking and jogging. Resmark has engaged William Lyon Homes, Inc. to develop, construct, and sell the project. It is anticipated that site improvements will commence in late fall, with model residences scheduled to open in the summer of 2012. "We are very pleased to partner with William Lyon Homes on the Murphy Ranch development. For more than 10 years, Lyon has been and continues to be one of Resmark's best top tier homebuilding partners. The company has demonstrated an excellent track record in both joint venture and fee build arrangements, and recently built and closed out several projects on our behalf that exceeded our expectations," said Robert N. Goodman, Chairman and Chief Executive Officer of The Resmark Companies. "The Murphy Ranch project's ideal infill location in close proximity to the area's major employers, amenities and transportation corridors should allow the project to effectively compete with other new home offerings in the marketplace. We are excited about the prospects for success at the project and look forward to again working with one of our best homebuilding partners, William Lyon Homes," said Lee Rush, Vice President, Investments for Resmark's Land and Housing division. "The Murphy Ranch development was a clear 'win-win.' It is an excellent investment opportunity for Resmark and a perfect fit for Lyon, supporting our ongoing commitment to one of our company's key markets and further solidifying Lyon Northern California as a leader in this market. Our organization's expertise in developing, building and selling attached and detached new homes makes this an ideal project for collaboration with Resmark," commented Brian W. Doyle, President - California Region for William Lyon Homes, Inc. About The Resmark Companies Founded in 1995, Resmark is a leading national private equity firm focused on real estate and 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 over $950 million in 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. For additional information please visit www.resmark.com. About William Lyon Homes, Inc. William Lyon Homes and its subsidiaries are primarily engaged in the design, construction and sale of single family detached and attached homes in California, Arizona and Nevada. Since the founding of the Company's predecessor in 1956, the Company has sold over 72,000 homes. The Company conducts its homebuilding operations through four reportable operating segments (Southern California, Northern California, Arizona and Nevada) including wholly-owned projects, projects being developed in joint ventures and projects being built and marketed on a "fee basis." Headquartered in Newport Beach, California, William Lyon Homes has earned a solid reputation within the building industry for its commitment to quality construction and customer service. Contact: Jane Bogart firstname.lastname@example.org (310) 862-2255 Copyright 2011, Market Wire, All rights reserved. -0-
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