Trumark Homes and Arroyo Capital pay $164M for 162 acres in East Dublin

Trumark Homes and Arroyo Capital Partners have paid $164 million for 162 acres in East Dublin with plans to build 537 homes.

Affiliates of Trumark, based in San Ramon, and an affiliate of Irvine-based Arroyo Capital bought the land surrounding 4038 Croak Road, the San Jose Mercury News reported. The seller was San Leandro-based Croak Properties, owned by the Croak family.

The square piece of undeveloped land north of the 580 Freeway is south of homes along South Terracina Drive and east of homes along Loyalton Road, with Croak Road running up the western half.

The land deal involved two components. The Trumark affiliate bought the land for $164 million, or $1.01 million per acre.

Then it sold the property to an affiliate of its development partner, Arroyo Capital, for $140.6 million, giving Trumark immediate access to the cash.

Trumark Homes aims to build 537 homes in six neighborhoods with two public parks, according to the Mercury News, citing planning documents filed in Dublin.

Arroyo Capital employs a business model that allows it to buy stakes in housing projects nationwide, according to its website. “We invest with successful homebuilders and developers,” the company said.

Arroyo has invested in residential projects in Fremont, Newark, Antioch, Vacaville and Mountain House in San Joaquin County.

— Dana Bartholomew