Trumark Could Bring in Partner
Trumark Urban is starting off 2015 with a bang, breaking ground on two projects that will add 170 units to Dogpatch and Potrero. Ground will get moving on 346 Potrero and 645 Texas in February, managing director Arden Hearing told us yesterday. Q1 will bring Trumark five groundbreakings. For that very reason, he says, the company is exploring a JV or selling off one or two of its sites: 923 Folsom and 1545 Pine (each proposed for 120 units). Though holding remains an option. In January, it's breaking ground on 151 condos in downtown LA. The company is also pursuing more acquisitions, Arden says. It helps to have a deep-pocketed investor. This year Ross Perot Jr. and his Texan real estate firm Hillwood made its first S.F. investment in the 76-unit luxury condo project at 2121 Webster, and Arden tells us Ross is on board to fund more Trumark projects.
