Trumark Homes is expanding its presence in Central California with the acquisition of Wathen Castanos Homes. The expansion for Trumark is an example of the builder’s strategic growth initiatives to serve buyers from the Rockies to the Pacific Ocean.
“In acquiring Wathen Castanos, we saw a unique opportunity to expand our portfolio strategically and significantly between our established divisions in Northern and Southern California. This allows us to complete our California footprint,” Michael Maples and Gregg Nelson, co-founders and co-CEOs of Trumark Cos., shared with BUILDER.
Nelson said the cultural alignment between Trumark and Wathen Castanos was important, as both companies share a “commitment to building quality homes and providing an unparalleled home buyer experience.”
With the acquisition, Maples said Trumark is closer to its vision of becoming “the dominant regional home builder in the West.” He added that the acquisition will allow Trumark, which ranked No. 118 on the 2023 BUILDER Next 100, to exceed $1 billion in revenue in 2024.
Founded in 1983, Wathen Castanos Homes has been led by president and partial owner Josh Peterson since 2014. The private builder serves California’s Central Valley and Central Coast, building in San Luis Obispo, Monterey Bay, Clovis, Fresno, and Madera.
“We are very excited and honored to join the Trumark Homes family,” Peterson shared in a news release announcing the acquisition. “Over the decades that we have been in the home building industry, we have always been guided by a foundation of quality and values, a tradition of craftsmanship, and dedication to high quality customer care. Trumark Homes shares these same guiding principles as well as the resources to accelerate our growth, which makes them a perfect match for us.”
Maples and Nelson told BUILDER that Peterson will lead as the president of Trumark Homes’ new Central California division.
“Working together with the team, we will continue to evaluate and explore opportunities to develop additional new-home communities throughout Central and Coastal California,” shared Maples and Nelson.
The expansion in Central California follows Trumark’s recent move outside of the state. In 2021, Trumark launched a new-home building division in Colorado to capitalize on the robust housing market there.
“Our vision for Trumark Homes is to grow strategically and substantially with the goal of becoming the dominant home builder in the West. We have been working with JTW Advisors, who served as our exclusive financial adviser on this transaction and will continue to counsel us on future growth opportunities,” said Maples and Nelson. “We see this acquisition as the first of many steps we will be taking, and, with the support of Daiwa House, we fully anticipate additional growth in the Western region of the United States.”