The executive team combines keen insight in capital market, extensive real estate experience and financial industry relationships to design and execute successful, value-enhanced investment strategies. Overseeing all aspects of their portfolio with diligent analysis, the goal first and foremost is to preserve investors' capital.
SAN RAMON, CA - The True Life Companies (TTLC), a leading supplier of land to public and private home builders, has just completed the acquisition of a prime piece of Hawaiian real estate, 1010 Puako comprised of 810 acres on the Big Island of Hawaii approximately 20 minutes north of the Kona International Airport. A current tentative map approval provides for 144 five-acre residential lots.
The property features spectacular 180 degree panoramic views of the Pacific Ocean westward toward the island of Maui, a view of the 13,192 foot Mauna Kea Volcano eastward and the ancient Kohala Volcano a few miles to the north. Strategically located between the world-famous and historic Rockefeller Mauna Kea Beach Hotel, The Hapuna Prince Resort, the Mauna Lani Resort Village and the Waikoloa Resort, the property is in one of the most desirable residential submarkets and has limited direct competition.
TTLC plans to amend the property's underlying protected development rights with support from the Mauna Lani Resort Association (MLRA) and two other neighboring communities over an estimated 12-18 month period to create additional property value. The amended land plan will include the same lot density currently approved, but one that maximizes view corridors, minimizes land development costs and sensitive site encroachments, and enhances the overall marketability of the community.
"The broadening recovery of the real estate market, together with modest inflation has poised the islands for several years of moderately rapid growth." stated Scott Clark, Chief Executive Officer of TTLC. "In addition, the highly desirable residential location of the Puako property is ideal. There are few large lot residential parcels located in the competitive market and none with comparable proximity and access to world-class beaches, resorts and restaurants."
Taber Anderson, TTLC's Chief Investment Officer, added, "The recovery we're experiencing in the residential market has brought homebuilders back to the table in search of land and lot supplies at a time when the supply is severely constrained. We have the ability to provide the land and lots to allow the builders to capitalize in a timely manner upon the housing recovery. The strong demand we are experiencing from the homebuilding community drives our efforts to uncover and control strong investment opportunities with favorable attributes like the Puako property."
The economic recovery and growth of Hawaii translates into significantly declining unemployment rates and higher labor earnings. According to the University of Hawaii Economic Research Organization (UHERO), unemployment is expected to be less than four percent by 2015 and the construction job count at 39,200, an increase of 10,000 more jobs than in 2012.
With several projects in various stages of development throughout California, Colorado and Arizona, TTLC, led by Clark and Anderson, is based in San Ramon, Calif. with a regional office in Phoenix, Arizona, managed by Anderson. TTLC plans to continue acquiring land throughout the western United States as a major provider of entitled land and lots to the homebuilding industry.
TTLC is a strategic real estate investment and management firm composed of top-tier professionals with over 150 years of combined industry experience in all facets of real estate acquisitions, development, management and homebuilding. TTLC derives its name from their dedication as stewards of the American Dream, creating communities of enduring value and establishing relationships based on a long-standing tradition of honesty and trust - creating the foundation that leads to brighter futures. The Company is the premier supplier of lots and land to public and private builders in the western United States. Simultaneously, their resort/recreation division focuses on adding value to new and existing luxury master planned communities.
SAN RAMON, CA -- The True Life Companies (TTLC) has established Verravita Capital, a privately held capital investment company focused on providing a solid platform of consistent capital to support its expanding real estate investment and development activities. Verravita Capital is dedicated to providing capital resources in alignment with investment and development firms like The True Life Companies, whose core focus is to be the leading supplier of lots and land for home builders within the single-family residential sector of the real estate industry throughout the western United States.
"As we continue to expand, the key pillars to our success will be three-fold: our ability to access proprietary deal flow to secure compelling acquisitions; the execution post-acquisition of our project strategies; and consistent alignment with reliable, sophisticated, and committed capital partners," stated Scott Clark, CEO of TTLC. "Verravita's initial capitalization will be targeted at $100 million, which will enable The True Life Companies to gain substantial traction on our stated goal of acquiring and controlling over 100,000 lots in the western U.S. in the next five years."
Deron Bocks leads the Capital Markets team for The True Life Companies and will spearhead the launch and management of Verravita Capital as its President and Managing Partner. Bocks' financial career spans more than two decades.
Clark declared, "While Deron continues his role leading The True Life Companies' Capital Markets Team, his ability to leverage his relationships within the global capital markets to secure institutional debt and equity for our company and our projects make him a tremendous asset to our team and the logical choice to take charge of this new venture."
Prior to joining TTLC in 2012, Bocks was the Managing Director at Odyssey Capital Group in Phoenix, leading that firm's Capital Advisory Practice. Bocks also spent a decade as President and Chief Operating Officer of two separate nationally chartered financial institutions, UMB Bank of Arizona and SunBank NA, both headquartered in Phoenix. He spent the first 11 years of his financial career with Bank of America in their Corporate and Investment Banking Division in San Francisco, CA.
"Our ambition at The True Life Companies is to become the leading supplier of finished residential lots to public homebuilders within the Western United States, stated Taber Anderson, CIO of TTLC. "Deron's unique background and experience in both real estate and capital markets will be invaluable to us as we pursue our goal."
TTLC has aggressively expanded their land portfolio over the past 12 months, acquiring over 2,500 residential lots in California, Arizona and Colorado, and is actively conducting diligence and negotiations to purchase another 3,000-5,000 lots in 2013. Simultaneously, the company has launched a new resort and recreation division that focuses on investment in and management of luxury highly amenitized master-planned communities, such as the recently acquired 600-acre Pine Canyon Club, located in Flagstaff, Arizona.
"Scott and Taber have done a tremendous job of setting the vision, building an expert team of industry leaders, and positioning The True Life Companies to be able take advantage of an extraordinary opportunity that exists within the land development business," said Bocks. "As our portfolio has grown and markets continue to improve, we recognize that it is critical that we expand our capital relationships."
Bocks went on to state, "Over the last few years as we were buying land, much of the popular industry sentiment was courting an antithetical policy of waiting. However, we identified the potential early and took bold steps with the acquisitions made, and now that the market realizes the opportunity in our space, we are perfectly positioned to take advantage of it."
Bocks' offices will be located at Verravita's Phoenix headquarters, 2555 East Camelback Road, Suite 770, Phoenix AZ 85016. Additional information is available by calling 602-626-8779 or visiting www.vvcapital.com.
TTLC is a strategic real estate investment and management firm composed of top-tier professionals with over 250 years of combined industry experience in all facets of real estate acquisitions, development, management and homebuilding. TTLC is the premier supplier of lots and land to public and private builders in the western United States. Simultaneously, their resort/recreation division focuses on adding value to new and existing luxury master-planned communities.