DUBLIN — Two real estate firms have teamed up to buy a huge chunk of East Bay land that is being eyed as the site of a large housing development in eastern Dublin consisting of several hundred residences.
Trumark Homes and Arroyo Capital Partners, acting through affiliates, have bought 162 acres of land on Croak Road in Dublin, paying $164 million for the property, according to documents filed on Sept. 29 with the Alameda County Recorder’s Office.
Croak Properties, an affiliate of the Croak family that had owned the property, sold the land to an affiliate of Trumark Homes for $164 million. Trumark then immediately sold the 162 acres to an affiliate of Arroyo Capital for $140.6 million.
Irvine-based Arroyo Capital touts a business model that enables it to buy stakes in residential projects nationwide, according to a post on the company’s website.
“We invest with successful homebuilders and developers,” Arroyo Capital stated in its website post.
Arroyo Capital has bought stakes in several Bay Area residential projects besides this one in eastern Dublin. The company is involved with projects in Fremont, Newark, Antioch, Vacaville and the Mountain House village in San Joaquin County.
In the case of the deal for the Croak land in eastern Dublin, the deal provides Trumark Homes with immediate access to the $140.6 million it received by selling the land to Arroyo Capital.
Trumark Homes intends to build 537 residences on the site, according to documents on file with Dublin city officials.
The development site is located north of Interstate 580 and is between the freeway’s interchanges with El Charro Road, Fallon Road and Airway Boulevard, according to Google Maps.
Trumark is eyeing the development of six neighborhoods and two public parks as the primary features of the project, the planning documents show.
This news organization requested a comment from Trumark Homes regarding the transaction and the project plans.