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Monday, Feb 6, 2023

$100M Development Planned for Oceanside

Fresh off the start of its first San Diego County project in Escondido, Trumark Homes based in San Ramone is focusing on Oceanside with plans for development of 301 homes.

Melrose Heights is estimated to cost about $100 million, excluding land costs said Richard Douglass, Southern California president of Trumark Homes.

Trumark Homes is a subsidiary of the Japanese firm, Daiwa Housing Group that acquired the California company in January 2020.

70.7-Acre Site

Melrose Heights will be a mix of two-story and three-story townhomes and single-family homes on a nearly 70.7-acre site at the corner of Oceanside Boulevard and Melrose Drive at Oceanside’s border with Vista.

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The project also will include 20,000 square feet of commercial space.

Trumark in October started construction of the $21 million Edencrest project in Escondido with 95 homes on a 35.6-acre site near Dixon Lake.

Construction of Melrose Heights is expected to start in early 2021 with sales starting in October 2021 and construction expected to be finished by December 2024.

The project will have 196 three-story townhomes, 118 of which will have ground-floor living space, Douglass said.

The three-story townhomes will range from 1,617 square feet to 2,219 square feet.

The development also will include 72 two-story townhomes ranging from 1,737 square feet to 2,029 square feet and 33 single-family homes ranging from 2,246 square-feet to 2,416 square feet.

The two-story townhomes will have private backyards and the three-story townhomes will have “expansive decks,” Douglass said.

The homes will be priced from the mid-$500,000’s to the mid $700,000’s, Douglass said.

“Affordability is really what’s driving the market, low interest rates and affordability, so the timing is right,” Douglass said.

More to Come

A key part of the Oceanside development will be formation and preservation of a 34-acre nature preserve on the northern portion of the site that Douglass said will be managed by the San Diego Habitat Conservancy and the U.S. Fish and Wildlife Service and the California Department of Fish and Wildlife.

“It’s good for people who need housing. It’s good for the environment. It’s good for economic development. That’s what we need right now,” Douglass said. “We feel we’re stewards of the environment and wonderful natural environments are great for people. We think it’s a huge benefit for everyone.”

Douglass said Escondido and Oceanside are the first of several projects Trumark plans to build in San Diego County.

“The people within Trumark have all done things in San Diego and we wanted to get back there,” Douglass said. “Our management group has built award winning projects in San Diego. Hopefully, this will be another one.”

“Greater San Diego is a unique market and our management group has built award winning projects here in the past and we look to do that again here in Oceanside,” Douglass said. “Greater San Diego also is a market where many sellers value doing business with groups that have a significant presence and history in the region. It is critical for Trumark to have flags in the ground in the San Diego market to gather opportunities in the years ahead.”

Douglass said the property changed hands several times before Trumark acquired it Dec. 15 from Lionstone Investments based in Houston. He declined to disclose how much Trumark paid for the site.

“Melrose Heights is a unique opportunity in that it’s 300-plus units in North County, which is very rare,” said Andy Jones, founding principal of Tellus Land & Capital that brokered the deal.

“It’s raw land that’s fully entitled,” Jones said. “It’s a beautiful area with views looking toward Camp Pendleton.”


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