|By Marketwired .||
|May 22, 2014 10:05 AM EDT||
NEWPORT BEACH, CA -- (Marketwired) -- 05/22/14 -- The True Life Companies (TTLC), the premier provider of lots and land to America's top homebuilders, has expanded its land acquisition activities with the opening of a new Southern California Division that already has capital in place and a number of transactions in progress. With offices at 23 Corporate Plaza, Suite 150, in Newport Beach, the division will cover six counties: Los Angeles, Ventura, Orange, San Diego, Riverside and San Bernardino.
"Southern California's dynamic geographic markets and diverse housing needs provide extraordinary opportunities to expand our acquisition and entitlement platform. Most major markets have sustained price appreciation that have led to a substantial decline of available homesites and entitled lots," stated Taber Anderson, CIO of TTLC. "TTLC is poised to capitalize on supply-constrained markets where barriers to entry require expertise in land optimization."
Heading the Southern California Division as its managing director is veteran homebuilding industry executive David Hendryx. David has a wealth of experience in land acquisition and financial deal structuring, as well as raising capital. He has worked for an array of homebuilders, including his most recent affiliation with Lennar's California Coastal Division, where he underwrote and closed a significant number of land deals.
"Our initial acquisition efforts have been targeted to opportunities in employment-central locations in Los Angeles, Orange and San Diego Counties where competition has been and will continue to be brisk," Hendryx commented. "We see improved quality of deal flow as we extend our reach to commuter markets in the Inland Empire and the lifestyle and life-stage-driven desert communities. We are emphasizing and dedicating substantial resources in locating infill projects in Orange, San Diego, Los Angeles and Ventura counties where mixed-use higher-density residential uses will revitalize communities and provide new home opportunities in mature and transitioning neighborhoods along with traditional detached homes in premium locations. We anticipate strong demand for these projects, which provide builders with opportunities to exceed their business plans with dependable top- line revenue and solid sales absorptions."
In addition, TTLC has capital in place for future acquisitions through its investment arm, Verravita Capital. Deron Bocks, President and Managing Partner of Verravita Capital, stated, "Verravita provides TTLC the necessary financial support, which enables them to enter a market and purchase desirable properties that are immediately available. It gives TTLC the capacity to stay nimble, and to purchase A-rated properties.
"The leadership team at The True Life Companies has created a fully integrated business platform that is positioned to take advantage of the tremendous opportunity that exists today in the residential land acquisition, entitlement and development field," continued Anderson. "We have a talented team of experienced professionals, an existing portfolio of properties acquired on very attractive terms, and a robust pipeline of new opportunities in escrow or under contract. Those advantages will continue to grow as we expand our efforts in Southern California, and they make The True Life Companies an ideal strategic partner for capital or investment firms seeking optimum ROI while gaining prime access to the single-family residential sector of the real estate industry."
With several projects in various stages of development throughout California, Colorado, Arizona, and Hawaii, TTLC is based in San Ramon, Calif. with regional offices in Sacramento, CA; Phoenix, AZ; Denver, CO; and its newest office in Newport Beach, CA.
TTLC is a strategic real estate investment and management firm composed of top-tier professionals with over 250 years of combined industry experience in acquisitions, development, management and homebuilding. This cohesive team of experts focuses on optimizing value, employing replicable, scalable business models through innovative acquisition and management strategies. For more information regarding TTLC's land acquisition or recreational master-plan portfolio visit www.TheTrueLifeCompanies.com or visit www.facebook.com/thetruelifecompanies.