Trumark Homes has acquired the 30-acre Arroyo Vista property in eastern Livermore, with the potential to build over 400 homes. The San Ramon-based developer paid a reported $75 million for the site at 4696 Bennett Drive, which was previously owned by San Rafael-based Pell Development Co. The deal closed on January 19th.
The Arroyo Vista property was entitled for 434 homes, including townhomes and single-family homes, by SummerHill Homes, another San Ramon developer, in 2017. However, SummerHill was unable to close the deal with Pell, according to Livermore Planning Manager Steve Stewart. He also mentioned that the city was not aware of the sale to Trumark, but SummerHill had informed them that they did not plan to move forward with the development.
Real estate services firm Colliers represented both Pell and Trumark in the transaction, with Michael Lloyd and John Steinbuch working on behalf of Pell. Trumark’s Northern California Division President, Tony Bosowski, referred to Livermore as a highly desirable location in the Tri-Valley, and the Arroyo Vista project would be the firm’s first project in the region.
Although the Arroyo Vista site has been a target for residential development since the early 2000s, no building permits have been issued yet. The development agreement secured by SummerHill remains valid until the end of 2027. The city is reportedly excited for the project to proceed and bring new homes to the area.