The Resmark Cos. forms $700m JV
The Resmark Cos. has formed a programmatic joint venture with DeNova Homes, a major homebuilder in Northern California.
“DeNova is one of Resmark’s strongest operating partners and has a long-term presence in the residential market in Northern California,” stated Connie Emmitt-Stern, executive vice president of investments for Resmark. “This investment in markets with constrained housing supply and strong demand, coupled with DeNova’s reputation among homebuyers for high-quality homes and customer service, supports the needs of Northern Californians who are often priced out of home purchases in the region’s cities.” She pointed out that DeNova has continued to sell and deliver homes at a normal pace during the COVID-19 market disruption.
The venture has acquired substantially all of DeNova’s homebuilding and land projects in the Greater Bay Area whose value at sale will total approximately $700 million. DeNova is also under contract with Resmark on an e