Trumark Homes announced today it has begun construction on the new eight-acre PACE development, which will provide 134 affordable, desirable homes for Silicon Valley's young professionals, couples and growing families.
The development will include two communities, Velocity and Momentum, offering a mix of detached single-family homes and attached townhomes with enticing design features rarely found in their price range, including 10-foot ceilings, expansive windows and decks, and available bi-folding walls that bring the outdoors inside.
Trumark Homes is developing the former commercial site in partnership with Resmark Land and Housing, a division of The Resmark Companies. PACE is the fourth Silicon Valley project that fast-expanding Trumark has acquired over the past year and the third to involve Resmark as a partner.
"Trumark Homes continues to solidify its presence as an active, optimistic and aggressive land buyer throughout Northern California," said Michael Maples, principal and co-founder of Trumark Companies and related entities.
"We have hundreds of homes coming to market over the next year and more than 3,600 more lots under control from Sacramento to the Silicon Valley," he said. "Trumark Homes will be delivering new homes to Northern California buyers for generations to come."
"With the continued growth of the Silicon Valley's dynamic businesses, and their robust record of job creation in the area, Resmark has made multiple investments in the local housing market," added Robert N. Goodman, CEO and Chairman, The Resmark Companies. "We are pleased to once again partner with Trumark on the new PACE project."
PACE is designed to appeal to Silicon Valley single professionals, young couples, and growing and extended families who are seeking relief from the area's expensive rental market. Trumark plans to preview the homes in early 2014 but may begin pre-selling as early as late 2013.
Velocity and Momentum will share common amenities that will allow and encourage residents to gather together and enjoy the great outdoors. These include a playful and imaginative tot lot that includes bubbling fountain, a patio area with a fire pit where residents can gather and socialize, and two outdoor kitchens for the foodies to entertain their family and friends. Momentum will offer 43 single-family three-story homes ranging in size from 2,225 to 2,489 square feet, and Velocity will include 91 single-family attached three-story townhomes ranging from 1,200 to 1,947 square feet.
"We chose the name PACE for this community -- along with Velocity and Momentum -- because the demographic we're targeting accelerates life to the fullest," said Mark Higgins, senior vice president of sales and marketing for Trumark Homes. "Velocity will appeal to hard chargers and career-driven buyers who use home as a place to reward, renew and reacquaint. Momentum will attract more families or people who need extra space for entertaining, hobbies or pets."
Conveniently located at the northeast corner of Montague Expressway and Trade Zone Boulevard, the community is a 10-minute walk from the future Milpitas BART station and connected to a citywide trail system. It is near major Silicon Valley employment centers and located within the Milpitas Unified School District, which has consistently high API scores.
In Northern California, the Trumark name is most often associated with community design, entitlements and office, R&D and retail development, which the company has focused on since its inception in 1988. Trumark Homes, the company's single-family homebuilding division launched five years ago, has completed two communities in Southern California and has four underway in the Bay Area.