Real Estate
Trumark Sells RPV Senior Condo Project
The selling price of the 10-acre parcel on Crestridge Road was not disclosed.
Scottsdale, Ariz.-based homebuilder Taylor Morrison has assumed ownership of a 10-acre parcel of property on Crestridge Road in Rancho Palos Verdes that will be developed into senior housing, according to a news release posted on WSJ.com. The sale price was not disclosed.
Trumark Homes, the original owner of the 60 lots that comprise the parcel, completed an 18-month entitlement process that resulted in the approval of the Crestridge Senior Condominium project by the Rancho Palos Verdes City Council in late May.
"Although the Peninsula is a highly desired area, the vast majority of the housing supply is outdated," Mark Higgins, senior vice president of Sales and Marketing for Trumark, said in the statement. "When the project comes to market, which is expected to be in 2014, it will be the only new age-qualified project for sale."
The homes on the parcel will have a lower age-limit of 55 to meet the property's institutional zoning requirements, according to the news release. The development will also offer senior services.
- Read more: Trumark Companies Closes Escrow on 10 Acres in Rancho Palos Verdes, California [WSJ.com]
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.