(EDITOR’S NOTE: According to public records, the sale closed on February 2, 2022 at $16.475 million. The property is located at 166 E Fremont Ave., and the project is known as “Fremont Corners.” The buyers are affiliated with a local family trust.)
Approved plans call for 50 for-sale townhomes and a renovated 8,000-square-foot retail space
SUNNYVALE, Calif. – The True Life Companies (TTLC), a real estate investment firm focused on repurposing underutilized property to create new attainable housing options in high-need U.S. markets, has announced the sale of a 2.8-acre mixed-use parcel in Sunnyvale that will bring 50 for-sale townhomes and a renovated 8,000-square-foot commercial retail space to the Bay Area community.
“In severely supply-constrained markets like Sunnyvale and other Bay Area suburbs, finding opportunities to revitalize underutilized property is of critical importance,” said Scott Clark, chairman and CEO of The True Life Companies. “We are pleased to be a part of creating economic opportunity and providing adequate housing that meets the diverse needs of Sunnyvale’s next generation of homeowners.”
Located at the southeast corner of Fremont Avenue and Sunnyvale Saratoga Road, TTLC has controlled the site since 2019 and has worked through the planning and entitlement process to redevelop a portion of the existing Freemont Corners shopping center. Construction on the property is anticipated to start in early 2023.
The Sunnyvale Planning Commission approved plans in 2021 that include four residential buildings and a renovated 8,090-square-foot commercial retail space along East Fremont Avenue. Residences will average 2,100 square feet with two-, three- and four-bedroom layouts. The community will also feature 13,000 square feet of open space with outdoor seating areas, a playground and community gardens. While asking prices for the new residential community are not yet announced, development plans call for six homes to be set aside as affordable for-sale homes for moderate-income residents.
Future homeowners will be minutes from Apple’s “Spaceship”, the company’s 175-acre corporate campus that is home to 12,000 employees, and within walking distance to Fremont High School. Residents will enjoy a community site that has been thoughtfully planned to provide ample open space, including a central courtyard, a tree-lined paseo trail and surface parking.
Sunnyvale is the seventh largest city in the Bay Area and is repeatedly recognized as one of America’s safest cities and one of the best cities to raise a family. Almost 8,000 local businesses provide a wealth of goods and services, including many icons in technology, manufacturing, retail and R&D. Sunnyvale residents enjoy easy access throughout the Silicon Valley and the greater Bay Area thanks to VTA, Caltrain and BART’s extensive network of buses and light rail.
TTLC was founded to serve as a key conduit for homebuilders, municipalities and property owners seeking to provide attainably priced housing options. The team is led by industry insiders with over 100 years combined experience in homebuilding, development, public planning and the entitlement process for nationally recognized residential developers. TTLC is a leading supplier of home sites to America’s top homebuilders, focused on bringing shorter-term build opportunities in areas with existing infrastructure.
TTLC has nearly $300 million in assets under management and is in process of securing entitlements that would bring more than 2,000 future homesites to markets in Denver, Los Angeles, Sacramento, San Diego and San Francisco.
About The True Life Companies
The True Life Companies is composed of a team of highly successful 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 Irvine, California.