The True Life Companies Elite Fund III Sells Two Properties in California
The True Life Companies Elite Fund III LLC, a $50 million private placement offering managed by The True Life Companies, announced the sale of two properties in separate transactions that the company says “will bring new for-sale housing to the San Diego suburb of Vista as well as the Silicon Valley town of Milpitas.”
According to a statement from The True Life Companies the property sales exceeded “initial proforma targets,” but no specific return information was provided.
“The resourcefulness and tenacity behind these transactions truly represent the underpinnings of our company and we believe is a win for our investors as well as the residents of both communities,” said Scott Clark, chief executive officer of The True Life Companies. “Our team members are knowledgeable and connected in the markets in which they operate and are able to effectively develop relationships with land sellers and municipalities that drive successful outcomes.”
The fund completed the Milpitas sale via assignment of its purchase and sale agreements to an affiliate of Toll Brothers for two adjacent parcels totaling 2.35 acres located along South Main Street. The True Life Companies says the fund “successfully executed their thesis” by incorporating unused acreage from an adjacent lot and increasing the original 41 townhomes proposal to 57 townhomes.
The fund also completed a 5.27-acre sale via assignment of its purchase and sale agreements to Tri Pointe Homes in the Melrose Avenue corridor of Vista for the development of 34 single-family homes.
As of June 30, 2023, the fund has invested capital into a total of 35 projects. The True Life Companies says the company or a designated affiliate will seek to complete the required approvals and then sell a shovel-ready property, or assign the purchase and sale agreement, to a “well-capitalized” homebuilder for their construction and sales pipeline.
The True Life Companies focuses on repurposing underutilized property to create new housing options in high-need U.S. markets. The firm is headquartered in Denver with offices in San Ramon, Folsom and Irvine, California.
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