TRI Pointe Homes, Inc. (NYSE:TPH) on April 11, 2013 announced the acquisition of 301 lots in three highly desirable Southern California locations in Azusa (Los Angeles County), Temecula (Riverside County) and Huntington Beach (Orange County). TRI Pointe plans to open four new communities at these locations, with one opening in late 2013 and the balance in 2014.
“These acquisitions fit our overall strategy of building quality innovative homes in communities with convenient access to major transportation and employment corridors,” said Douglas F. Bauer, TRI Pointe’s Chief Executive Officer. “With 25 years of experience in sourcing, acquiring and developing land, we have consistently secured land in our high demand core markets. These latest acquisitions have grown our number of lots owned and controlled to over 2100.”
The acquisition in Azusa, comprised of 66 lots, is located off the I-210 freeway in the Rosedale master-plan. Named Avenswood, the community will feature first-time move-up, single-family detached homes ranging from 2,500 to 3,100 square feet priced from the low $600,000s. In addition to the Avenswood community, the Company is currently selling single-family detached homes priced from the mid $400,000s at its Tamarind Lane community in Rosedale.
In Huntington Beach, the Company acquired 49 lots from the Fountain Valley School District, offering a unique opportunity for an infill community of single-family detached homes in an established neighborhood midway between the Pacific Coast Highway and the I-405 freeway. The homes will range in size from 2,800 to 3,300 square feet and be priced in the high $900,000s.
In Temecula, the Company acquired 186 lots in the master-planned community of Paseo Del Sol, located near the I-15 freeway between Riverside to the north and Escondido to the South. TRI Pointe plans to build 90 entry-level attached townhomes and 96 motor-court homes on these lots. These entry-level homes, priced in the mid $200,000s, will range in size from 1,000 to 1,700 square feet.
“We believe our years of expertise in land acquisition and development enables us to implement our strategy of controlling a two to three year land supply of developed lots, while continuing to be disciplined and highly selective in our approach to building TRI Pointe Homes,” said Mr. Bauer. “We are very excited about these recent transactions and look forward to opening nine new communities in 2013.”
About TRI Pointe Homes
TRI Pointe Homes, Inc. (NYSE: TPH) is engaged in the design, construction and sale of innovative single-family homes in planned communities in major metropolitan areas located throughout Southern and Northern California and, most recently, Colorado. The Company is headquartered in Irvine, California. For more information about the company and its new home developments, please visit www.TRIPointeHomes.com.
Except for the historical information contained in this press release, the matters set forth in this press release, including statements regarding the Company's plans with respect to building and selling homes are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the risks and uncertainties associated with adverse weather, regulatory approvals, labor shortages and other risks detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and other documents subsequently filed with or furnished to the Securities and Exchange Commission. These forward-looking statements are based on current information that may change and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this press release.