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Trumark Homes revives stalled townhome project in Silicon Valley
Trumark Homes has acquired Capitol Station (formerly called Grandview Terrace), a development of 34 partially completed townhomes located in the city of San Jose at the northeast corner of North Capitol Avenue and Grandview Drive.
Trumark Homes, townhomes, Silicon Valley, California, Capitol Station, San Jose
Trumark Homes has acquired Capitol Station (formerly called Grandview Terrace), a development of 34 partially completed townhomes located in the city of San Jose at the northeast corner of North Capitol Avenue and Grandview Drive. This acquisition is the beginning of Trumark’s revival for the 45-unit community, one of several it is building in the Silicon Valley.
For more than three years, the completion of Capitol Station was on hold due to the housing crisis. The previous developer, Pinn Brothers Construction Co., sold 11 of the 45 units to the public in the summer of 2008.
“Because the 34 units are left in various stages of completion, our goal is to take this distressed infill property and turn it into a vibrant and complete neighborhood by this summer,” said Michael Maples, principal and CEO of Trumark Homes.
Capitol Station offers a variety of floor plans which include the following:
- Eight townhomes at 1,316 sq ft (2 bedrooms/2.5 baths);
- Nine townhomes at 1,409 sq ft (3 bedrooms/2.5 baths);
- Ten townhomes at 1,522 sq ft (3 bedrooms/3 baths);
- One townhome at 1,774 sq ft (4 bedroom/3.5 baths), and
- Six townhomes at 1,809 sq ft (3 bedrooms plus bonus room/3 baths)
According to Trumark, San Jose continues to enjoy the wealth created by the burgeoning high-tech industry where incomes are high and jobs are plentiful. Rents are increasing at a double-digit pace while almost no new housing supply is coming to market. Currently, there are only seven new townhome projects in the Silicon Valley.
“This is a region with scarce supply and a persistent demand for growth, thus this is a unique opportunity for us to offer quality homes at reasonable prices,” Maples said.
Beyond Capitol Station, Trumark has more than 1,380 units in its Silicon Valley pipeline. The company is due to break ground in the coming months on 94 homes known as “Centerplace” and recently obtained approval from the city of Milpitas for development of its 134-unit residential community known as “Contour.”
In addition, Trumark plans to build a new transit-oriented community in Santa Clara, which will consist of approximately 96 townhomes, 56 single-family detached homes and 450 apartment units.
Trumark will continue to acquire development sites throughout the Bay Area with a focus on core infill TOD locations around the Bay Area and Southern California.