Returns exceeded initial proforma targets in both transactions
SAN DIEGO and MILPITAS, Calif., Oct. 26, 2023 /PRNewswire/ — The True Life Companies Elite Fund III, LLC (the “Fund”), a company focused on supplying entry-level housing options to homebuilding firms in high-need U.S. markets, has announced the sale of two properties in separate transactions that will bring new for-sale housing to the San Diego suburb of Vista as well as the Silicon Valley town of Milpitas.
“The resourcefulness and tenacity behind these transactions truly represent the underpinnings of our Company and we believe is a win for our investors as well as the residents of both communities,” said Scott Clark, CEO of The True Life Companies. “Our team members are knowledgeable and connected in the markets in which they operate and are able to effectively develop relationships with land sellers and municipalities that drive successful outcomes.”
The Fund completed the Milpitas sale via assignment of its purchase and sale agreements to an affiliate of Toll Brothers for two adjacent parcels totaling 2.35 acres located along South Main Street. The True Life Companies (“TTLC”) successfully executed their thesis by incorporating unused acreage from an adjacent lot and increasing their 41 townhomes proposal to 57 townhomes.
The Fund also completed a 5.27-acre sale via assignment of its purchase and sale agreements to Tri Pointe Homes in the Melrose Avenue corridor of Vista for the development of 41 single-family homes, showcasing TTLC’s vintage diversification.
As of June 30, 2023, the Fund has invested capital into a total of 35 projects in some of the nation’s most highly constrained housing markets. TTLC or a designated affiliate will seek to complete the required approvals and then sell a shovel-ready property, or assign the purchase and sale agreement, to a well-capitalized homebuilder for their construction and sales pipeline.
Press releases do not contain information related to the performance of projects within an existing fund. For additional information, True Life Capital is available for further discussion at (720) 760-5999 or via email at [email protected].
About The True Life Companies
The True Life Companies is composed of a team of seasoned residential real estate professionals who work together with property owners, municipalities and local stakeholders to address the need for critically-needed attainable housing solutions in our metro regions. TTLC seeks to establish suburban and urban housing options that are the result of insightful research, innovative planning, and creative collaboration. TTLC is headquartered in Denver with offices in San Ramon, Folsom and Newport Beach, California; Austin, Texas; Raleigh, South Carolina; Salt Lake City, Utah and Bethesda, Maryland serving the Mid-Atlantic Region. For more information on The True Life Companies visit their website at thetruelifecompanies.com.
About True Life Capital
True Life Capital is a division of TTLC. Securities are offered through Orchard Securities, LLC, Member FINRA/SIPC. The True Life Capital Group’s internal wholesale team are licensed representatives through Orchard Securities. Orchard Securities and The True Life Companies are not affiliated companies.
No Offer or Solicitation
This press release is not an offer to sell or a solicitation of an offer to buy securities. An offer to sell the Units of the Fund may be made only pursuant to the Amended and Restated Private Placement Memorandum dated October 15, 2022 as supplemented (the “Memorandum”). The information contained herein is qualified in its entirety by the Memorandum. The offering of Units (the “Offering”) is being made by means of the Memorandum only to accredited investors who meet minimum accreditation requirements. The Offering will not be registered under the Securities Act of 1933 or the securities laws of any state and is being offered and sold in reliance on exemptions from the registration requirements of such laws. Neither the Securities and Exchange Commission nor any other federal or state agency has passed upon the merits of or given their approval to the Units, the Offering or the Memorandum.
SOURCE The True Life Companies
Originally published at https://www.prnewswire.com/news-releases/the-true-life-companies-elite-fund-iii-llc-sells-silicon-valley-and-san-diego-parcels-with-plans-to-bring-new-for-sale-housing-301968527.html
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