If you see property as an asset, this company might be for you. UCP, which stands for Union Community Properties, is a residential land developer and homebuilder. It owns more than 5,000 single-family lots in Northern California and the Puget Sound area of Washington, where it sells developed lots to homebuilders. Homebuilding subsidiary Benchmark Communities has constructed nearly 50 communities in 15-plus cities. Funded by parent PICO, the company has capitalized on the real estate bust by purchasing distressed properties in areas it believes exceed the national average for employment opportunities and housing demand. UCP was formed in 2004, purchased in 2008, and went public in 2013.