Michael Lloyd and John Steinbuch of commercial real estate firm Colliers represented the previous property owners, Pell Development Co, in the deal which closed on Jan. 19.

Lloyd formally announced the completion of the sale in a recent post on LinkedIn.

"It was a pleasure working with Tony Bosowski and Tim Saunders, this development will provide some much-needed housing!" Lloyd wrote in the post. "They will be developing over 400 new residences: 348 townhomes and 86 detached houses."

According to Livermore officials, the project site is located at Las Positas Road and Arroyo Vista and is currently vacant. The city approved land use entitlements for the project in 2017 with developer SummerHill Homes; however, the firm -- which is also based in San Ramon -- was unable to come to an agreement with Pell and the project did not move forward.

For its project, Trumark has assumed the development agreement that SummerHill Homes had previously reached with the city.

A request for comment from Trumark was unsuccessful, but Livermore officials told Livermore Vine in an email that the developer is currently processing a final map and improvement plans through the city of Livermore to build Phase I of the Arroyo Vista residential development.

"After final map/improvement plan approval, the next step will be for Trumark to submit building permits to the city; and construction can begin once building permits are approved," officials said, adding that the city does not yet have a timeline for those steps as it is dependent on Trumark.