GlobeSt.com: What type of interest have you received at SL70, and how many properties have sold? When do you expect to sell out?

Higgins: The interest in SL70 has been substantial. To date, all 66 homes released for sale are under contract. Four model homes will be released for sale on October 3rd, representing the final opportunity to purchase in the community. We anticipate that all 70 homes will be sold out by the end of fall, representing a complete sellout in a one-year timespan. This tremendous sales velocity speaks to this market's desire for new construction ownership opportunities, and a range of different floor plans liked those offered at SL70.

GlobeSt.com: How does this property fit into your development strategy?

Higgins: Trumark Homes is a nimble and focused new generation homebuilder. We concentrate on core infill locations in significantly undersupplied housing markets throughout California, much like SL70's Silver Lake/Echo Park location. We build where demand is strong and close to jobs and major employment centers, and we design our homes with our target buyer and demographic in mind.

In developing SL70, Trumark teamed up with long term equity partner The Resmark Companies to bring to life the City of Los Angeles' Small Lot Ordinance. The regulation was introduced in 2005 to allow for the subdivision of underutilized land in multifamily and commercial areas into fee-simple homes. Intended to encourage infill development and a smart-growth alternative to traditional suburban-style single-family subdivisions, the ordinance allows homes to have smaller lot areas with compact building footprints and reduced yard setbacks, street frontages, passageways between buildings and open space. This greater flexibility in lot sizes enabled Trumark to keep SL70 homes priced competitively resulting in an increased velocity of sale.

GlobeSt.com: How is this property unique from the type of living currently available in Silver Lake, and why did you decide to do something different?

Higgins: A dearth of new home inventory in the surrounding area provided Trumark Homes an opportunity to build design-centric homes for a neighborhood primed for contemporary living spaces. Located on 2.34 acres on Glendale Boulevard just south of the 2 Freeway, SL70 is in a chic, up-and-coming but underserved area of Silver Lake/Echo Park. A convenient commute has been a large draw for our buyers, with nearly 25 percent working in nearby downtown. A quick jump over the hill will take you to major employment centers in Burbank and Studio City while the popular Mid-City and Culver City area is just a short drive.

We carefully analyzed and considered the Silver Lake/Echo Park buyer profile when creating SL70. The overall design is a demonstration of stealth density—introducing a high volume of new housing while creating a light footprint and blending into the surrounding neighborhood. The unique urban design of these homes fits seamlessly with our buyers' busy lifestyles providing low-maintenance living while taking advantage of the stunning downtown skyline and hillside views.

Much of the inventory of comparable for-sale homes in the area includes older homes that may have outdated styling and possible deferred maintenance. SL70's contemporary three-story detached homes are designed to fit the needs and “wish lists” of many of the area's buyers. Ranging in size from 1,219 to 1,469 square feet, the homes feature two or three bedrooms, two and a half baths, large rooftop terraces, on most floor plans, open living rooms with 10-foot ceilings, contemporary staircases, and oversized windows that create a grand feeling not typically found in homes of this size.