The True Life Companies, a real estate private equity firm, has sold two fully entitled mixed-use parcels totaling 4.7 acres in Hayward, California.
The land will be used for a mixed-use development comprised of 189 for-sale townhomes and condos and approximately 10,000 square feet of commercial space. Development is anticipated to begin in the next 60 days.
The True Life Companies said that it purchased access to the sites in 2018 and then worked through the planning and entitlement process to prepare the “long-vacant” site for construction of 123 three- and four-story townhomes and 66 stacked condominium flats over commercial space.
“This new community is expected to deliver housing for the next generation of homeowners in one of our nation’s severely supply-constrained Bay Area suburbs,” said Scott Clark, chairman and chief executive officer. “We are pleased to be a part of creating economic opportunity that adds to the growth and vitality of Hayward.”
The homes will range in size from 1,100 – 2,000 square feet and will include two- and three-bedroom floor plans in the condominium collection, and three- and four-bedroom plans in the townhome collection. While asking prices for the new residential community are not yet announced, development plans call for 20 condos to be set aside as affordable for-sale homes for moderate-income residents. The community site will include connected walking and biking paths, a dog park and outdoor gathering spaces, the company said.
Future homeowners will be within walking distance to the South Hayward BART station that provides access to San Francisco, Oakland, San Jose and other Bay Area cities.
According to filings with the Securities and Exchange Commission, the company sponsors multiple Regulation D private placement offerings.
The True Life Companies has nearly $300 million in assets under management and said that it is in process of securing entitlements that would bring more than 2,000 future homesites to markets in Denver, Los Angeles, Sacramento, San Diego and San Francisco.
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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