IRVINE, CA -- TRI Pointe Homes, Inc. 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. (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.