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3/10/21
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In a South OC land buy, Trumark Homes picked up 12.61 acres in Mission Viejo for $6.5 mil. The property was sold by Saddleback Valley Community Church. Proceeds from the sale went to fund the church’s ministries such as their food bank, in an effort to help the local community during the COVID-19 pandemic.
The site is located on the corner of El Toro Rd and Marguerite Pkwy, and is adjacent to an office building retained by the church. It is also situated adjacent to the 241 Tollroad and minutes from Interstate 5, providing convenient access to neighboring communites and abundant retail and entertainment including Foothill Towne Center, Shops at Mission Viejo and Irvine Spectrum.
A geotechnical study confirmed the property is buildable, and preliminary civil engineering was completed along with creation of the new Tentative Tract No. 19305 for condominium purposes. The Tentative Map proposes a residential pad of 6.36 acres for condominium purposes with the remaining area mostly reserved for open space.
Trumark Homes is expected to start grading in June of 2021 and start selling in the first quarter of 2023. The condos and townhomes are expected to appeal to a broad spectrum of potential homebuyers, with home sizes between 860 sf and 2k sf.
Mike Adams with Stream Realty Partners represented Saddleback Valley Community Church in the sale. Trumark Homes repped itself in the transaction. Trumark Homes worked closely with the church to obtain land use entitlements from the city of Mission Viejo to allow development of 91 residential homes.
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