Stream Realty Partners (Stream), a national real estate services, development, and investment company, is pleased to announce that it has represented Saddleback Valley Community Church in the sale of 12.61 acres of land in Mission Viejo to Trumark Homes for $6.5 million. The site is located on the corner of El Toro Road and Marguerite Parkway and is adjacent to an office building retained by the church. The church used the proceeds from the sale to assist over 125,000 families and serve over 5 million meals to people in need, in an effort to help the local community during the Covid-19 pandemic.
“All of us at Trumark are particularly gratified that the culmination of this transaction will benefit a wide variety of needs,” said Richard Douglass, Trumark’s Division President. “The land proceeds will help the church do its great work, fees will help the City of Mission Viejo serve its citizens, and jobs and innovative real estate development solutions will provide critical new and attainable housing—and all of this happening during very trying days for all of us. We are all in this together, and this is a great example of what can happen when we all pull together.”
Trumark Homes worked closely with the church to obtain land use entitlements from the city of Mission Viejo to allow development of 91 residential homes.
“We heard overwhelming support for this project – both written and on the phone,” said Mission Viejo Mayor Brian Goodell. “I was really pleased to see that.”
A geotechnical study confirmed the property is buildable, and preliminary civil engineering was completed along with creation of the new Tentative Tract No. 19305 for condominium purposes. The Tentative Map proposes a residential pad of 6.36 acres for condominium purposes with the remaining area mostly reserved for open space. Trumark Homes is expected to start grading in June 2021 and start selling in the first quarter of 2023. The condos and townhomes will appeal to a broad spectrum of potential homebuyers, with home sizes between 860 square feet and 1,950 square feet.
Mike Adams, Senior Vice President at Stream, represented Saddleback Valley Community Church in the sale. Trumark Homes represented itself in the transaction.
“The current market fundamentals with low interest rates and strong housing sales has led to an increased demand for sites in Mission Viejo, and we anticipate this to continue through 2021 as housing developers continue to take advantage of the hot housing market,” said Adams.
The site is located adjacent to the 241 Toll road and minutes from Interstate 5, providing convenient access to neighboring communities and abundant retail and entertainment including Foothill Towne Center, Shops at Mission Viejo and Irvine Spectrum.
“We were excited by the vision for the property that Stream brought and the way the homes will complement the church,” said Pastor Dave Arnold of Saddleback Valley Community Church. “Trumark’s partnership with the community and their sensitivity to the environment made them a great team to work with.”
Renderings below from Trumark Homes: