- Homebuilder’s aggressive Western expansion continues
- New Central California Division joins Trumark Homes’ Northern and Southern California Divisions
SAN RAMON, Calif., Oct. 12, 2023 /PRNewswire/ — Trumark Homes, the award-winning homebuilder with divisions in California and Colorado, announced today that it is expanding its presence into Central California with the acquisition of Wathen Castanos Homes. This expansion is the latest example of the company’s strategic growth initiatives to serve homebuyers from the Rockies to the Pacific Ocean.
“Our acquisition of Wathen Castanos Homes is a unique opportunity to fulfill several of our strategic goals,” said Gregg Nelson, co-founder and Co-Chief Executive Officer of Trumark Companies. “First and foremost, our companies share a similar culture as well as a commitment to building quality homes and providing an unparalleled homebuyer experience.”
Added Michael Maples, co-founder and Co-Chief Executive Officer of Trumark Companies, “With today’s announcement, our homebuilding portfolio is now contiguous from Northern California to Southern California. This is another important step forward in our vision of becoming the dominant regional homebuilder in the West, as this acquisition will allow us to exceed $1B in revenue in 2024.”
Originally founded in 1983 and currently led by President and partial owner Josh Peterson since 2014, Wathen Castanos Homes is a leading private homebuilder in California’s Central Valley and Central Coast with a long-established legacy of homebuilding success. Currently building in San Luis Obispo, Monterey Bay, Clovis, Fresno and Madera, Wathen Castanos Homes is known for its award-winning design and energy efficiency.
“We are very excited and honored to join the Trumark Homes family,” said Peterson. “Over the decades that we have been in the homebuilding industry, we have always been guided by a foundation of quality and values, a tradition of craftsmanship, and dedication to high quality customer care. Trumark Homes shares these same guiding principles as well as the resources to accelerate our growth, which makes them the perfect match for us.”
Nelson, Maples, and Peterson emphasized the quality of employees and dedication both Trumark and Wathen Castanos have to their highly skilled teams as integral to the value of joining the two companies.
Trumark Homes launched a new homebuilding division in Colorado in 2021, capitalizing on the robust housing market there. That move marked the company’s first foray outside of California, signaling its ambition to become a dominant player in the western U.S. homebuilding landscape. The acquisition of Wathen Castanos Homes is the next step toward that vision as the company eyes additional growth opportunities in the Western United States to take advantage of the vast resources of Trumark’s parent company Daiwa House.
JTW Advisors LLC served as exclusive financial advisor to Trumark Homes for this transaction.
As a boutique investment bank focused exclusively on the real estate industry, JTW is a valued partner to Trumark Homes and will continue to counsel the company on future growth opportunities.
For more information about Trumark Homes, please visit: https://trumarkhomes.com.
About Trumark Homes
With 35 years of trusted experience and recognition as 2019 Developer of the Year by Builder and Developer and 2018 Builder of the Year by Professional Builder, the Trumark Group of Companies is a diversified real estate developer and builder that includes: Trumark Communities, a master-planned community developer; Trumark Homes, a next-generation homebuilder; Trumark Commercial, which builds, leases and sells commercial buildings; and Trumark Urban, a vertically integrated residential developer focused on core urban neighborhoods. In 2020, Trumark Homes entered into an agreement with Japan-based Daiwa House Industry Co., Ltd., who acquired a majority interest in Trumark, providing resources for accelerating the growth of the company. In 2023, co-founders Michael Maples and Gregg Nelson were inducted into the California Homebuilding Foundation’s Hall of Fame, a recognition bestowed upon homebuilding professionals who have exemplified the Foundation’s mission of forging a bright future for the next generation of homebuilders. https://trumarkhomes.com
SOURCE Trumark Homes
Originally published at https://www.prnewswire.com/news-releases/trumark-homes-expands-western-united-states-operations-with-purchase-of-wathen-castanos-homes-301954091.html
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