DUBLIN — Two real estate firms have teamed up to buy a huge chunk of East Bay land being eyed as the site of a large housing development consisting of several hundred residences in eastern Dublin.
Trumark Homes and Arroyo Capital Partners, acting through affiliates, have bought 162 acres of land on Croak Road, 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 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 stake in residential projects nationwide, according to a post on the company’s website.
“We invest with successful homebuilders and developers,” Arroyo Capital said.
Arroyo Capital has bought stake in several Bay Area residential projects besides the one in eastern Dublin. The company is involved with projects in Fremont, Newark, Antioch, Vacaville and Mountain House 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.
Trumark Homes did not immediately respond to a request for comment regarding the transaction and project plans.
