The True Life Companies, a real estate private equity firm, has sold a 2.8-acre mixed-use parcel in Sunnyvale, California that will bring 50 for-sale townhomes and a renovated 8,000-square-foot commercial retail space to the Bay Area community. Financial terms were not disclosed.
Located at the corner of Fremont Avenue and Sunnyvale Saratoga Road, the firm has controlled the site since 2019 and has worked through the planning and entitlement process to redevelop a portion of the existing Freemont Corners shopping center. Construction on the property is slated for early 2023.
The Sunnyvale Planning Commission approved plans in 2021 which includes four residential buildings and a renovated 8,000-square-foot commercial retail space. Residences will average 2,100 square feet with two-, three- and four-bedroom layouts. The community will also have 13,000 square feet of outdoor space with seating areas, a playground and community gardens.
While asking prices for the new community have not been announced, development plans call for six homes to be set aside as affordable for-sale homes for moderate-income residents.
“In severely supply-constrained markets like Sunnyvale and other Bay Area suburbs, finding opportunities to revitalize underutilized property is of critical importance,” said Scott Clark, chairman and chief executive officer. “We are pleased to be a part of creating economic opportunity and providing adequate housing that meets the diverse needs of Sunnyvale’s next generation of homeowners.”
The property is within close proximity to Apple’s 175-acre corporate campus and is walking distance to Fremont High School.
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 company 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.