BETHESDA, Md.--(BUSINESS WIRE)--After two years working on the deal, Winchester Homes announced the successful acquisition of 89 highly sought-after lots in Glenmont, Maryland. The acquisition expands the company’s offerings in the greater Washington D.C. area where Winchester has already built more than 20,000 homes. Glenmont Metrocentre is conveniently located opposite the Glenmont Metro Station, a terminal for a subway artery into Washington D.C.
“The Glenmont acquisition is part of a larger strategy for Winchester Homes to further expand the urban infill market as subdivision development becomes more scarce,” said Alan Shapiro, President of Winchester Homes. “We have a huge appetite for this type of development right now, and Glenmont Metrocentre is an opportunity to showcase a type of home designed specifically for this high-demand area.”
The four-story townhomes at Glenmont Metrocentre feature two floor plans that will range in size from 1,830 square feet to 2,309 square feet. The thoughtful architecture is designed to maximize square footage by creating homes that are narrower, but also taller than Winchester’s typical homes. Each home will include a standard fourth floor with its own roof top terrace. The buyer profile is expected to vary, but with a new focus on people wanting to live closer to the city, it’s anticipated that buyers will work in the district and enjoy the proximity to the Glenmont Station Metro line. Pricing is anticipated to start in the mid $400,000s, with sales anticipated to begin in January 2016.
“The Glenmont Metro location was of great interest to builders and developers here in the Washington D.C. area, and presented a very competitive opportunity,” Shapiro said. “We were selected because of our reputation for being a reliable, solid partner and for following through on projects. Our expertise in entitlement and land development for such a complex project was a major draw, and our product excellence and marketing power also figured into the seller’s decision to select Winchester Homes.”
Glenmont Metrocentre is located within the Montgomery County Public Schools district that ranks 11th out of 25 statewide. The community is situated with great access to all district employers in a wide variety of sectors including government, tech and non-profit. The community is close to Glenfield Local Park, Saddlebrook Local Park, and Glenmont Greenway Urban Park, which offer various outdoor activities from tennis courts to picnic areas. The gentrifying neighborhood serves a walkable lifestyle close to shops, retail and restaurants. Montgomery County is putting in place an improvement incentive for the local retailers near the Glenmont Metrocentre to rejuvenate the area as well.
“Winchester Homes has strong local relationships and entitlement expertise building in Montgomery County,” said Shapiro. “With very few new developments currently in the area, we are thrilled to have the opportunity to deliver another new community to this underserved market.”
The other large new home community in Montgomery County is Poplar Run, where Winchester is also currently building and selling 773 new homes.
About Winchester Homes
For 35 years, Winchester Homes, Inc. has successfully provided home buyers with the “Your Home, Your Way” home building experience. Today, there are more than 20,000 Winchester homes in the region, with multiple single-family and townhome communities in the Washington D.C. metro area. Winchester Homes’ unique home building process is focused on delivering superior and high-quality design for its buyers. In addition, Camberley by Winchester Homes is a luxury brand that offers home buyers unparalleled choice when it comes to selecting their future home. Winchester Homes is a member of TRI Pointe Group (NYSE: TPH), a family of premium regional homebuilders supported by the significant resources, economies of scale and thought leadership of a national foundation. Together this makes TRI Pointe Group one of the largest homebuilders in the U.S. For more information about Winchester Homes, please visit www.yourhomeyourway.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.