TRI Pointe Homes Acquires 202 Lots in CoreCalifornia Markets - Irvine and Vacaville
IRVINE, Calif.--(BUSINESS WIRE)-- TRI Pointe Homes, Inc. (NYS: TPH) on June 25, 2013 announced the acquisition of 202 lots in two California locations - Irvine (Orange County) and Vacaville (Solano County). TRI Pointe plans to open two new communities at these locations, with one opening in late June 2013 and the other in fourth quarter 2014.
"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," said Douglas F. Bauer, TRI Pointe's Chief Executive Officer.
The acquisition in Vacaville, comprised of 141 lots, is located within the master planned community of Southtown. The city of Vacaville is located in north-central Solano County, equidistant between San Francisco and Sacramento. The 141 lots will average 5,000 square feet and the homes will range from 1,900 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.
In Irvine, the company has acquired 61 lots within in the master planned community of Stonegate by The Irvine Company. The lots will average 4,000 square feet in size with move-up product ranging from 2,900 to nearly 3,600 square feet, which will be priced in the low millions. The project, called Arcadia, will open at the end of June 2013.
About TRI Pointe Homes
TRI Pointe Homes, Inc. (NYS: 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.
NewGround PR & Marketing
Christine Rombouts, 949-631-1557
KEYWORDS: United States North America California
The article TRI Pointe Homes Acquires 202 Lots in Core California Markets - Irvine and Vacaville originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.