The New Home Company Acquires Land for Collection of Spacious Residences at Somerset in Gilbert, Arizona
November 06 2017 - 12:02PM
Business Wire
Belmont will feature 53 single-family homes
with up to 5,028 square feet in the new master-planned community
taking shape next to the LDS Gilbert Temple.
The New Home Company (NEW HOME) (NYSE: NWHM) announced today
that it has acquired land for a collection of 53 spacious
single-family homes, called Belmont, within the master-planned
community of Somerset in Gilbert, Arizona.
NEW HOME is a publicly traded homebuilder headquartered in Aliso
Viejo, California with Arizona operations based in Scottsdale. It
purchased the 53 homesites from a partnership of LeSueur
Investments IX, LLC and Landmark Property Holdings, LLC, the owners
of Somerset.
The homes of Belmont will feature European-influenced
single-story homes, some with “pop-up” options for a partial second
story, with architectural styles ranging from Spanish Monterey to
French Farmhouse. These spacious homes, designed by Bassenian
Lagoni Architects, will offer three to six bedrooms, three and
one-half to five and one-half bathrooms, three to four-car garages
and up to 5,028 square feet of living space. Pricing for the homes,
which has not been finalized, is expected to begin in the
$700,000s.
“Building homes at Somerset was particularly attractive to us
given the community’s central location in Gilbert, the fastest
growing city in Metropolitan Phoenix,” said NEW HOME Arizona
Division President Pat Moroney. “Our Belmont buyers will appreciate
the expansive homes ideal for large, growing families that are
close to excellent schools, upscale retail and set in an intimate,
peaceful setting with a quality social infrastructure.”
Located on vast farmland next to The Church of Jesus Christ of
Latter-day Saints’ Gilbert Temple, Somerset will include many
recreational amenities for Belmont buyers to enjoy such as parks,
basketball and tennis, and a network of walking trails that bridge
each of the neighborhoods with a community lake where families can
gather for picnics or events with their fellow residents and
friends.
“We selected ‘Belmont’ as the name of our community as it is of
French origin and translates to ‘beautiful mountain,’ a fitting
reflection of our European architecture and the surrounding San Tan
and Superstition Mountain ranges,” said Moroney. “We think Belmont
is a place many families in the area will be proud to call
home.”
NEW HOME will begin construction on the Belmont model homes
before the end of the year, and a neighborhood grand opening is
planned for the spring of 2018.
About The New Home Company
NEW HOME is a publicly traded company listed on the New York
Stock Exchange under the symbol “NWHM.” It is a new generation
homebuilder focused on the design, construction and sale of
innovative and consumer-driven homes in major metropolitan areas
within select growth markets in California and Arizona, including
coastal Southern California, the San Francisco Bay area, metro
Sacramento and Phoenix. NEW HOME is a multi-year recipient of “The
Eliant” for Best Overall Customer Experience in the Eliant
Homebuyers’ Choice Award’s multi-divisional builder segment. In
2017, NEW HOME won a total of 22 Eliant Awards, the highest number
earned by a home builder in this year's competition. For two years
in a row, NEW HOME has been named to the Inc. Magazine Founders 40
list, recognizing newly public companies that have maintained a
strong entrepreneurial spirit. For more information about the
company or its current new-home offerings, visit www.NWHM.com.
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