IRVINE, CA—Following its $2.8-billion merger with WRECO, residential developer TRI Pointe has purchased 649 new lots in seven communities in markets across the country. The acquisitions significantly expand the firm’s presence in California, Nevada, Washington and Virginia.
With the acquisitions, TRI Pointe has increased its land inventory to approximately 31,000 owned or controlled lots with more than 19,000 of those located in entitlement-constrained California.
The firm has acquired 258 lots in Southern California. In June, it acquired 112 lots in Portola Springs, a neighborhood within the Villages of Irvine master-planned community here, to build Cariz at Portola Springs, which is set to debut this month and will contain attached homes with seven distinctive floor plans priced from the mid-$400,000s. In July, the firm purchased 146 lots to develop the Village of Terrassa in Corona, CA, a gated community with two types of single-family detached condos priced from the low $400,000s, set to open in March 2015.
In Northern California, TRI Pointe purchased 113 lots in the Mountain House master-planned community’s Hansen Village. Targeting growing families, the homes start at the mid-$500,000s and are set to debut in May 2015.
In Southern Nevada, the company’s Pardee Homes bought an initial 55 lots in Clark County in July and will develop 130 homes at the site near Summerlin. The gated community targets move-up and move-down homebuyers with prices anticipated to be in the $400,000s. Sales are slated to begin in Spring 2015.
Also in July, TRI Pointe’s Quadrant Homes purchased 55 lots in the Puget South region of Washington, including 39 lots in the city of Lacey for Campus Fairways, which will be built within the Meridian Campus master-planned community. The detached homes will begin in the $400,000s, and sales are slated to begin in September. The firm also purchased 16 lots in Redmond, WA, for the development of Evoke at English Hill, contemporary luxury homes that start in the mid-$900,000s and are expected to begin selling in January 2015.
Lastly in July, the firm’s Winchester Homes acquired 168 lots in western Prince William County in Northern Virginia to develop the Villages of Piedmont at Leopold’s Preserve. Targeted to first-time buyers, homes will start in the upper $300,000s with sales anticipated to start in January 2015.
According to Doug Bauer, CEO of TRI Pointe, “As was our practice before the merger with WRECO, TRI Pointe employs a disciplined land strategy with a focus on acquiring lots in prime locations along major transportation and employment centers. With the merger complete, we are an even more well-capitalized company with the ability to generate substantial cash flow and profits from homebuilding as well as strategic land sales for many years to come. These most recent acquisitions will help us build on the strong foundation we have established and drive long-term growth.”