IRVINE, CA-TRI Pointe Homes Inc. has acquired 202 California lots here and in Vacaville, CA, and has plans to open two new communities at these locations by the end of 2014. The Irvine project, called Arcadia, will open any day now in the master-planned community of Stonegate by the Irvine Co.
The company has acquired 61 lots within Stonegate that will average 4,000 square feet in size, with move-up product ranging from 2,900 square feet to nearly 3,600 square feet. The product will be priced in the low millions.
The acquisition in Vacaville—based in Solana County, equidistant from San Francisco and Sacramento—consists of 141 lots located within the master-planned community of Southtown. The lots will average 5,000 square feet, and the homes will range from 1,900 square feet to 2,800 square feet. Priced in the low- to mid-$400,000 range, the project will offer entry-level product for Bay Area homebuyers.
According to Douglas F. Bauer, CEO of TRI Pointe, “These two new properties illustrate the diversification of our land-acquisition strategy in the core markets of California, while demonstrating our unique ability to produce entry-level and move-up product that will continue to add value to the TRI Pointe brand.”
As GlobeSt.com reported in April, TRI Pointe Homes Inc. has acquired 301 lots in three desirable Southern California locations in Azusa, Temecula and Huntington Beach. The homebuilder plans to open four new communities at these locations, one in late 2013 and the rest in 2014.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
