Trumark Homes has sold 11 acres of residential real estate in Lake Forest that it purchased just 20 months ago. The sale came in response to a dramatic increase in land value across coastal Southern California.
“The property is now worth three times what we paid for it in August 2009 and it simply made more sense to sell it than to build it out,” said Michael Maples, president and CEO of Trumark Homes. “Once we officially took it to market, we got 20 offers from both public and private homebuilders at an extremely attractive price point.”
The Irvine-based developer and homebuilder had originally planned to start the construction of 68 to 72 single-family detached homes on the property in late 2010.