SAN RAMON, Calif.--(BUSINESS WIRE)--TRI Pointe Homes Northern California, a division of TRI Pointe (NYSE:TPH), one of the top 10 home building companies by equity market capitalization in the United States, announced the acquisition of 39 lots in Fremont, Calif., expanding the company’s offerings in Northern California. The new community, “Parasol,” will include 38 residential townhomes and one refurbished single-family home.
“With the close of escrow on this property, we continue to expand our presence in key supplied constrained urban infill areas of Northern California,” said TRI Pointe Homes Northern California Division President Jeff Frankel. “Parasol represents an attractive opportunity in a highly desirable market with a convenient and dynamic location.”
The three-story, alley-loaded townhomes will feature a contemporary Spanish theme to complement the architecture of Fremont’s iconic Mission San José. The five distinctive floor plans range from 1,232 square feet to 2,178 square feet, with two-car garages. The expected buyer profile is first-time and first-move-up buyers, young families, as well as downsizing empty nesters from the South Bay and Silicon Valley. Pricing is anticipated to begin in the mid-$500,000s with a targeted grand opening planned for November 2015.
Parasol is easily accessible to the Tri-City area of Fremont, Newark and Union City, as well as Palo Alto and other Silicon Valley employment centers via I-880 and SR 84 (Dumbarton Bridge). The community and surrounding neighborhood is within walking distance of retail (Ranch 99 and Lucky supermarkets, Walgreens), and local businesses including restaurants, banks, and cleaners. Homeowners will also be within Fremont’s top-tier public school system.
“TRI Pointe has a well-established track record of building and selling homes in highly desirable infill locations close to employment and major transportation corridors,” Frankel said. “We expect this latest acquisition to help us continue that success.”
About TRI Pointe Homes Northern California
Based in San Ramon, California, TRI Pointe Homes Northern California designs, constructs and sells single-family homes and condominiums. Founded on more than a century of combined real estate industry experience, the company focuses on building quality master-planned and urban infill communities throughout Northern California. Dedicated to insightful design and superior craftsmanship, the company is setting a new standard in homebuilding and customer experience. In 2014, the company was honored with three of the region's prestigious MAME awards, which recognize the homebuilding industry's top achievers in sales and marketing excellence. For more information about TRI Pointe Homes Northern California, which is a division of top 10 public homebuilder by equity market capitalization TRI Pointe (NYSE: TPH), 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, the effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages, the strength of the U.S. dollar, 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, 2013 and other documents subsequently filed with or furnished to the Securities and Exchange Commission. However, it is not possible to predict or identify all such risks and uncertainties. Consequently, while the foregoing list is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. 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.