Market Overview

THE TRUE LIFE COMPANIES SELLS 368 HOME SITES TO HOME BUILDER LENNAR IN THORNTON, CO.

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DENVER, CO, Sept. 27, 2017 (GLOBE NEWSWIRE) -- The True Life Companies (TTLC) is pleased to announce the sale of 368 residential home sites in the highly desirable Denver suburb of Thornton, CO to homebuilder Lennar.  Located in the 204-acre Willow Bend master-planned community near the northwest corner of 144th Avenue and Holly Street, the sale includes the first two phases of the three-phase development planned for a total of 543 homes. Phase 1 includes 208 single-family home sites ranging from 60 to 80 feet wide, while Phase 2 includes 160 home sites from 50 to 60 feet wide.  Phase 3, planned for 175 homes, is slated for 2019.

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"Since The True Life Companies carefully planned these distinct areas in advance, a builder such as  Lennar can more easily offer separate product lines at different price points, satisfying the housing need for a variety of home buyer demographics," said Scott Clark, Chairman and CEO, TTLC.  "With our knowledge and ability to offer a complete platform including acquiring and entitling property for residential development, Willow Bend is a great example of how builders are able to quickly address the current need for homes in highly desirable metro submarkets like Thornton."

Forbes magazine recently dubbed the Denver metro area the country's leading region for business and careers, thus Willow Bend's location will support a robust employment base within a reasonable commute.

The timing of the sale is advantageous to the region, as the Denver metro area has recently been adding jobs at a higher rate, and construction of new housing has not been keeping pace.  According to a recent report from the National Association of Realtors, to keep up with demand, one housing unit is generally recommended for every 1.6 new jobs.   Yet over the last three years in the Denver region, that ratio has rocketed to nearly 6.0 new jobs to 1.0 new homes built, resulting in a shortfall of over 67,000 units. 

As reported by the Denver Association of Realtors, the competitive market for existing homes helped boost average sales prices for hopeful buyers by eight percent year-over-year in August to nearly $435,000, with the typical home selling in just one month.  For those in need of rental options, Apartment List's own Denver regional data reported a 52-percent hike in average rental rates over the past five years. Although local home builders have certainly been ramping up production, with the research firm Metrostudy reporting over 2,700 new homes closed in the second quarter of 2017 – the highest rate of sales in nearly a decade and up 20 percent year-over-year -- the tighter inventory of existing homes for sale has many buyers stressed to find new options.

In many cases, these buyers are looking for planned environments such as Willow Bend, where amenities include an already activated 8-acre community park with a playground, soccer field, a covered group gathering place, another natural park covering 10 acres, abundant open space, a trail system and a 10-acre elementary school site. Residents will also enjoy convenient access to regional transportation corridors, including E470 and I-25.  In addition, near the northwest edge of the property, the City of Thornton plans a 45-acre regional public park and baseball / soccer field, which will be easily accessible via walking paths, bike trails and public roadways.

High-quality retail and entertainment amenities are within an easy drive of Willow Bend, such as the Orchard Town Center (including the AMC Orchard 12 cineplex) and the Larkridge Shopping Center, soon to be the state's largest, with 2 million square feet of space.

As a major supplier of lots and land to America's top home builders, TTLC has communities in various stages of development throughout the US, including infill properties in both urban and suburban locations. In addition, Symmetry Companies, the luxury resort lifestyle subsidiary of TTLC, is dedicated to the acquisition, development and management of private recreational master-planned communities in key markets of the Western United States.

Headquartered in Denver, CO, the company maintains regional offices in San Ramon, CA, Sacramento, CA, Newport Beach, CA; and Scottsdale, AZ. For more information regarding TTLC's land acquisition or recreational master-plan portfolio, visit www.TheTrueLifeCompanies.com.

Attachments:

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/dc531357-ce1f-45c2-8049-c6e211f25412

Francine M Bangert
The True Life Companies
7143359646
Fran@kovachmarketing.com

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