TRI Pointe Group Expands Operations with Launch of New TRI Pointe Homes Division in Sacramento and First Development in North...
September 21 2017 - 8:00AM
TRI Pointe Group (NYSE:TPH), one of the top ten largest public
homebuilders in the United States based on equity market
capitalization, announced today that its builder brand TRI Pointe
Homes is expanding its footprint in Northern California by opening
a new division in Sacramento, California. The new division has
started operations with an initial new community in North Natomas
and has several more planned throughout the region. The move allows
TRI Pointe Homes to establish a stand-alone operation in
California’s fifth-largest MSA and diversify its successful Bay
Area operation in Northern California.
TRI Pointe Homes’ strategic expansion into Sacramento
capitalizes on a housing market that has rebounded strongly from
the recession. The region has also seen tremendous job growth, with
20% of the area’s jobs spread among a diversified base of employers
in high-income sectors including government, health care, tech and
financial services1. In addition to a strong local economy, the
market is supported by buyers seeking attainable home prices while
still being able to maintain social and employment connections to
the Bay Area.
“Sacramento has a lot to offer with its own history, economic
drivers, community dynamics and residential growth opportunities.
We’ve been watching this market closely and all market conditions
indicate that this is an opportune time to enter the region,” said
Tom Lemon, Division President of TRI Pointe Homes Sacramento. Lemon
brings more than 35 years of experience in land acquisitions and
real estate development to the leadership team. “This is a great
opportunity to establish a stand-alone operation for TRI Pointe
Homes in the Sacramento market. Team and culture are key
elements for success. There is something special that happens with
the people involved in starting and growing something successful
together. We plan to establish TRI Pointe Homes in the market
on the strength of the prime locations we select, the quality homes
we build and the superior customer experiences we deliver.”
TRI Pointe Homes Sacramento will provide new options for buyers
in a region full of growth. The first community for TRI Pointe
Homes in Sacramento is in Natomas Meadows, where the company plans
to build 94 small lot, single-family homes. The community is
scheduled to open in late 2018 and will offer homes priced within
reach of first-time buyers. TRI Pointe Homes
Sacramento is working proactively on additional land acquisitions
and currently controls land for more than 250 lots that it expects
to bring to the market in late 2018 and 2019.
The project in Natomas Meadows exemplifies TRI Pointe Group’s
strategy of unlocking the value of long-term assets. The land was
previously owned by TRI Pointe Group builder brand Pardee Homes.
After acquiring Pardee Homes, TRI Pointe Group was able to bring
greater value to the land in Natomas Meadows by re-entitling it
from townhomes to single-family homes that feature indoor/outdoor
living, 2-car garages and backyards. Natomas Meadows also
represents a perfect entry into the Sacramento market, where TRI
Pointe Homes will be able to ramp up and expand its operations
organically.
When it comes to capturing a bigger share of the Sacramento
market, TRI Pointe Homes’ proven approach includes a disciplined
land acquisition strategy, a focus on recruiting top talent, and
innovation in home quality and design. This formula has powered
organic growth for TRI Pointe Group in other parts of Northern
California as well as other areas of the country.
While remaining consistent and disciplined in the land it
chooses to acquire, TRI Pointe Homes Sacramento will look for
opportunities to develop communities for multiple market segments
ranging from entry-level to move-up to high-end in locations near
new employment centers, desirable schools and convenient
services.
“TRI Pointe Group’s established reputation for organic expansion
in major markets both within and outside of California, combined
with our executive team’s experience within the Sacramento market
from past business endeavors, places us in an excellent position
for success,” said Doug Bauer, CEO of TRI Pointe Group. “The
Sacramento divisional team will have the advantage of leveraging
TRI Pointe’s national resources and leadership, while utilizing its
regional expertise to act with the agility of a local builder
brand.”
About TRI Pointe Group®Headquartered in Irvine,
Calif., TRI Pointe Group, Inc. (NYSE:TPH) is a family of premium
regional homebuilders that designs, builds, and sells homes in
major U.S. markets. As one of the top ten largest public
homebuilding companies by market capitalization in the United
States, TRI Pointe Group combines the resources, operational
sophistication, and leadership of a national organization with the
regional insights, community ties, and agility of local
homebuilders. The TRI Pointe Group family includes Maracay Homes®
in Arizona, Pardee Homes® in California and Nevada, Quadrant Homes®
in Washington, Trendmaker® Homes in Texas, TRI Pointe Homes® in
California and Colorado, and Winchester® Homes in the Washington,
D.C. area. TRI Pointe Group was recognized
on Fortune magazine’s 2017 100 Fastest-Growing Companies
list, named 2015 Builder of the Year by Builder magazine,
and 2014 Developer of the Year by Builder and
Developer magazine. The company was also named one of the Best
Places to Work in Orange County by the Orange County Business
Journal and Best Companies Group in 2016 and 2017. For more
information, please visit www.TriPointeGroup.com.
1 Source: Bureau of Labor Statistics, MetroSearch USA
Contact
Katy Biggerstaff
NewGround PR & Marketing
562.761.6338
kbiggerstaff@newgroundco.com
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