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The True Life Companies Sells 3.6-acre Parcel For 89 Condominiums To Home Builder Toll Brothers
This most recent sale at Tarob Court, which closed on May 1st, is part of TTLC's focus on urban infill opportunities in Silicon Valley, with other recent sales in the communities of Santa Clara and Brentwood. Located close to Interstate Highways 680 and 880, two transit stations and The Great Mall outlet center, this sale marks the third parcel at this 201-unit development in what was once part of an industrial park, and subsequently redeveloped by the company into a secluded residential enclave. A fourth parcel, including 1.1 acres and designed for at least 29 more residential units, is planned to close later this year.
Toll Brothers is currently marketing its Parkside at Tarob Court, a collection of 59 single-family townhomes priced from the $900,000s, which was part of the first parcel sale at Tarob Court.
"Tarob Court is a great example of our team's ability to transform underutilized land uses into much-needed residential property close to mass transit hubs, employment centers and a wide variety of retail and entertainment options," said Scott Clark, Chairman and CEO, TTLC. "This is a strategy we're executing in Northern California as well as in metro areas throughout the western states, to re-envision and bring new life to existing communities."
By enjoying quick access to the new Milpitas BART station and the existing Montague Station of the Valley Train Authority (VTA) Light Rail, residents will be able to easily commute to local employment centers in Silicon Valley as well as throughout the greater Bay Area. Community amenities will include outdoor living spaces with seating areas and fire pits to enjoy the valley's Mediterranean climate, as well as access to a newly completed section of the Penitencia Creek Trail system.
Tarob Court is also part of the Transit Area Specific Plan, an idea initiated by the City of Milpitas over a decade ago, and which envisions a variety of land uses around transit stops on nearly 440 acres. When built out, this plan could include a total of 7,100 homes, nearly one million square feet of office space, 340 hotel rooms and nearly 290,000 square feet of retail space focused around the BART and VTA stations.
With the opening of the new Milpitas BART station, planners are projecting up to 20,000 daily passengers riding trains which will arrive every 7.5 minutes on two different lines. Residents of Tarob Court can also take advantage of the station's on-site bicycle storage room, private shuttle service and even "Kiss-and-Ride"
Developments like Tarob Court are part of TTLC's commitment to help address the pent-up demand for housing throughout the San Francisco Bay Area, with over 300 home sites planned for various infill communities. Because local population and job growth have continued to far outpace building permits over the last decade, home prices have continued to rise, and available housing inventory remains at critically low levels.
According to the Santa Clara County Association of Realtors®, as of March 2018, and due to critically low inventory in the region, attached existing home prices in the area rose by nearly 29 percent from the year before while sales activity fell by 13 percent. With just a half month's worth of inventory for potential buyers by the end of the month, when a new listing hit the market, it took just nine days to sell. Fortunately, TTLC can move quickly on opportunities such as Tarob Court due to its fully integrated business platform including entitlement and development.
"Silicon Valley has been such a huge economic success for so long, that the housing market struggles to keep up with demand," explained Scott Menard, Executive Vice President, TTLC. "With most of the valley already built-out for existing development, The True Life Companies is focusing a lot more on redeveloping functionally obsolete land parcels for residential home sites. When you couple that solution with increasing car traffic, transit-oriented communities like Tarob Court help address two of the region's most pressing issues: housing and transportation."
Besides being close to the BART and VTA transit stations, Tarob Court is also adjacent to a future planned park, and close to a Costco and The Great Mall. Built on the site of a former Ford Factory which closed in 1983, the 1.4-million-
In addition to more than 200 outlet stores including Last Call by Neiman Marcus, Saks Fifth Avenue OFF 5TH and Coach, shoppers can dine at well-known restaurants including Olive Garden Italian Restaurant, Red Robin and Outback Steakhouse. For entertainment options, future residents can try their gaming luck at Dave & Buster's at catch a movie at Century Theatres' more than 20 different cinemas.
The True Life Companies is composed of a team of highly successful residential real estate professionals who work together with property owners, municipalities, and local stakeholders to address the need for sustainable housing options in high-need communities. The company seeks to establish suburban and urban infill housing options that are the result of insightful research, innovative planning and creative collaboration. TTLC is headquartered in Denver, Colorado, with offices in Folsom, California; San Ramon, California; and Scottsdale, Arizona.
For more information regarding TTLC's urban infill portfolio visit https://www.thetruelifecompanies.com or visit www.facebook.com/