ON THE MARK IN MILPITAS
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|We sat down last week with Resmark chairman Rob Goodman and Resmark Apartment Living COO Ziv Cohen, who tell us the company is just getting started on a 284-unit townhome development in Milpitas, Murphy Ranch. Rob notes the project has a remarkable location in Silicon Valley’s “Golden Triangle,” sandwiched between the world HQs of Cisco and SanDisk. Resmark owns the project outright, but the company has engaged William Lyon Homes as its fee builder to develop and market the townhomes under its own banner.|
|Murphy Ranch is being done by Resmark’s Land & Housing division, among other projects it has in Davis, San Jose, Petaluma, and Napa, targeting the seven counties of the Bay Area. The company is closing on another for-sale project in Milpitas in a few weeks, and Ziv’s division, Apartment Living, will be closing on a third site in the city. On for-sale product, the company favors infill and coastal locations, and apartment projects tend to be in the inner circle of that—even closer in to urban areas.|
|Rob points to a shoe signed by Laker/Dodger Magic Johnson. Resmark was formed in 1995, part of a “second wave” of partners on a housing program started by CalPERS three years earlier. The company started with a modest allocation of $60M to provide equity to land developers strictly in California. That commitment has grown to a $540M allocation with a broader, national platform encompassing vertical JVs with quality homebuilder partners and unentitled land.|