TRI Pointe Homes is expanding its footprint in Northern California by opening a new division in Sacramento. The new division will be headed by Division President Tom Lemon and has started operations with an initial new community in North Natomas and has several more planned throughout the region.
The move allows TRI Pointe Homes to establish a stand-alone operation in California’s fifth-largest MSA and diversify its successful Bay Area operation in Northern California.
The move capitalizes on a housing market that has rebounded strongly from the recession. The region has also seen tremendous job growth, with 20% of the area’s jobs spread among a diversified base of employers in high-income sectors including government, health care, tech and financial services. In addition to a strong local economy, the market is supported by buyers seeking attainable home prices while still being able to maintain social and employment connections to the Bay Area.
“Sacramento has a lot to offer with its own history, economic drivers, community dynamics and residential growth opportunities. We’ve been watching this market closely and all market conditions indicate that this is an opportune time to enter the region,” said Lemon.
Lemon brings more than 35 years of experience in land acquisitions and real estate development to the leadership team. “This is a great opportunity to establish a stand-alone operation for TRI Pointe Homes in the Sacramento market. Team and culture are key elements for success. There is something special that happens with the people involved in starting and growing something successful together. We plan to establish TRI Pointe Homes in the market on the strength of the prime locations we select, the quality homes we build and the superior customer experiences we deliver.”
TRI Pointe is still in the process of assembling its Sacramento team and a permanent location for the division.
TRI Pointe Homes Sacramento will provide new options for buyers in a region full of growth. The first community for TRI Pointe Homes in Sacramento is in Natomas Meadows, where the company plans to build 94 small lot, single-family homes. The community is scheduled to open in late 2018 and will offer homes priced within reach of first-time buyers. TRI Pointe Homes Sacramento is working proactively on additional land acquisitions and currently controls land for more than 250 lots that it expects to bring to the market in late 2018 and 2019.
The project in Natomas Meadows exemplifies TRI Pointe Group’s strategy of unlocking the value of long-term assets. The land was previously owned by TRI Pointe Group builder brand Pardee Homes. After acquiring Pardee Homes, TRI Pointe Group was able to bring greater value to the land in Natomas Meadows by re-entitling it from townhomes to single-family homes that feature indoor/outdoor living, 2-car garages and backyards. Natomas Meadows also represents a perfect entry into the Sacramento market, where TRI Pointe Homes will be able to ramp up and expand its operations organically.
When it comes to capturing a bigger share of the Sacramento market, TRI Pointe Homes’ proven approach includes a disciplined land acquisition strategy, a focus on recruiting top talent, and innovation in home quality and design. This formula has powered organic growth for TRI Pointe Group in other parts of Northern California as well as other areas of the country.
While remaining consistent and disciplined in the land it chooses to acquire, TRI Pointe Homes Sacramento will look for opportunities to develop communities for multiple market segments ranging from entry-level to move-up to high-end in locations near new employment centers, desirable schools and convenient services.
“TRI Pointe Group’s established reputation for organic expansion in major markets both within and outside of California, combined with our executive team’s experience within the Sacramento market from past business endeavors, places us in an excellent position for success,” said Doug Bauer, CEO of TRI Pointe Group. “The Sacramento divisional team will have the advantage of leveraging TRI Pointe’s national resources and leadership, while utilizing its regional expertise to act with the agility of a local builder brand.”
Reported by Company Press Release (Sept. 21, 2017)
For complete information on TRI Pointe Homes including all corporate and division offices refer to The National Builders Directory and Online Database.
Caruso Homes plans to expand its building activity in the Northern Baltimore area as it opens a new division office in the region.
The new Northern Maryland Division will expand Caruso Homes' successful On Your Lot program into Baltimore, Carroll and Harfordcounties, building individual custom homes and partnering with area real estate agents to market home/lot packages. The division will also seek to develop and build larger communities of townhomes and single family market rate housing in Baltimore, Carroll, Harford and Howard counties.
Caruso Homes' current On Your Lot program will continue to service areas South and West of Baltimore including the counties of Anne Arundel, Prince Georges, Howard, Montgomery, Charles, Calvert and areas of the Eastern Shore. "Our strong presence in the Maryland market will certainly be enhanced by the growth of our team to the North," states Bob Oliff, On Your Lot Division Manager. "And, the introduction of our community products to Howard County will reinforce the current On Your Lot program in the area."
The Northern Maryland Division brings over four decades of team experience in the industry, led by newly appointed Division Manager Ed Levendusky. "As we move into this region, our first priority is meeting the diverse needs of this new customer base," says Ed. "We are looking to secure several communities where we can provide a variety of options and introduce buyers to the Caruso Homes experience. It's just a better way to buy."
"Baltimore's strong job market and tight inventory of quality housing presents a tremendous opportunity for Caruso Homes," says Jeffrey Caruso, CEO/Owner of Caruso Homes, Inc. "We have a strong reputation of building quality crafted homes over the past 30 years in the suburbs south of Baltimore and around the DC Metropolitan area, so expanding into the northern counties of Maryland is just a natural progression in the growth of our company."
Reported by PR Newswire (Sept. 11, 2017)
Woodside Homes has a new Southern California president while Mattamy Homes has hired a new president for one of it's prime Florida markets. Woodside named Chris Chambers as the new President of its Southern California Division, responsible for land acquisition, real estate development and all P&L assessments of home building operations. Mattamy announced that Paul Erhardt has joined the company as President of its West Villages Division.
An expert in homebuilding and master planned community development, Chambers brings more than 25 years of experience in the homebuilding industry. His past position includes both a divisional and regional presidency with a top five public homebuilder.
Recently, Chambers played an instrumental role in directing the entitlement and marketing efforts of a high profile, 30-acre mixed-use development in Riverside County, which featured assisted living and multi-family residences as well as a 100,000 square foot retail center.
"We are delighted to have a leader with Chris's history of success and in-depth real estate background join our team. His talents fit well with Woodside's goal in creating successful, sustainable communities that fulfill the evolving needs and desires of our homeowners," stated Joel Shine, CEO of Woodside Homes.
"This is a great opportunity to grow Woodside Homes' presence in the Southern California market," stated Chambers. "I am proud to be a member of the management team that has successfully positioned Woodside Homes as a new industry leader in design and customer satisfaction."
Woodside Homes celebrates its 40th year in business this year, of designing and building single-family homes for move-up and entry-level buyers. This year also marks a milestone for the company with its acquisition by SEKISUI HOUSE LTD. The two companies joined forces due to shared philosophies in creating sustainable communities that grow and adapt to the needs of a family.
At Mattamy, Erhardt will be responsible for all aspects of the company's business in the West Villages Division, including working with the company's various partners to further develop the land plan and bringing the communities to life through the marketing, sales and construction phases.
West Villages is a 9,650-acre master-planned community in south Sarasota County, Florida that will eventually include 20,000 homes as well as parks, recreation areas and 3 million square feet of non-residential space. Mattamy purchased the property – then known as Thomas Ranch – in May 2014.
Prior to joining Mattamy, Erhardt was working in an executive capacity with Mattamy's West Villages joint venture partner Vanguard Land (a real estate development and investment firm based in Sarasota, FL), providing strategic planning and direction for the property. Previously he held a number of executive leadership roles with WCI Communities, including SVP Homebuilding and Development and President, South Florida Region, and SVP Community Development and Operations for SW Florida. Paul's varied career also saw him manage operations and finance functions for firms such as World Kitchen Inc., Booz & Company and Arthur Andersen LLP. He has a Bachelor of Business Administration degree and an MBA from the University of Michigan.
"Paul brings a wealth of business and people leadership experience to Mattamy, and we are very much looking forward to him leading West Villages forward," says Jim Leiferman, President of Mattamy's US Group.
Reported by PRLog (Aug. 31, 2017) and Mattamy Homes press release (Sept. 13, 2017)
For complete information on Woodside Homes and Mattamy Homes and all key personnel in both corporate and all division offices refer to The National Builders Directory and Online Database.
AvalonBay Communities and Mill Creek Residential are keeping the Denver market active with acquisitions and new development.
AvalonBay enters the metro market with the acquisition of The Lodge Denver West, a 252-unit apartment home community completed in 2016, located in Lakewood, Colorado. The Company acquired the community on September 1, 2017 for a purchase price of approximately $76.8 million. Mill Creek Residential plans to build an eight-story 250-unit complex in downtown Denver on the south side of Speer Boulevard and Grant Street. The developer purchased a 1.3-acre site for $10 million last week. The property includes a small office building.
AvalonBay's Chief Investment Officer Matt Birenbaum said the move to the Denver market is a natural progression for the company.
“We are excited to announce our entry into the Denver market with the acquisition of The Lodge Denver West,” he said. “Denver shares many of the best characteristics of our established core markets and has become an attractive region for well-educated workers in knowledge-based industries that are driving the 21st Century economy. We look forward to growing our presence in the greater Denver area over time, through a combination of acquisitions and new development activity.”
Mill Creek’s Brian Wynne said his firm has dubbed the project Modera West Wash Park, consistent with its nomenclature at other new apartment buildings around town.
“It was really a no-brainer,” Wynne said. “We think it’s really unique to be in an urban environment, but near a tree-lined, walkable neighborhood.”
The seller in the deal, which closed Sept. 1, is the Colorado Visiting Nurse Association. Mill Creek’s lender is Fifth Third Bank. John Winsted with JW Cos. brokered the sale.
Mill Creek’s plans call for a brick and glass façade, 241 apartment units, underground parking garage, fitness center and rooftop pool. The architect is Davis Partnership and the general contractor is Martines Palmeiro Construction.
The seller, which operates an office on the property, will move out on Dec. 1 so the multifamily developers can begin demolition. The hope is to start handing out keys to tenants in January 2020.
Modera West Wash Park will compete with new residential construction on the south side of Speer, including MyBlock and Country Club Towers.
The complex also adds a new neighborhood to the Mill Creek map. The firm is leasing 275 units at Modera Observatory Park near the University of Denver, has two projects underway in RiNo and 200 more units in Cap Hill.
As of June 30, 2017, AvalonBay owned or held a direct or indirect ownership interest in 287 apartment communities containing 83,123 apartment homes in 10 states and the District of Columbia. Some 23 of those communities are under development and nine communities are under redevelopment.
The Company is an equity REIT that develops, redevelops, acquires and manages apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States.
Mill Creek Residential develops, builds, acquires and operates high-quality apartment communities in coast-to-coast. Since its start in 2011, the firm has developed more than 25,000 apartment homes across 90+ communities and acquired more than 3,500 apartment homes in some of the nation's best apartment markets. In 2017, Mill Creek expects to deliver an additional 5,000+ homes to its portfolio.
Reported by AvalonBay Press Release (Sept. 5, 2017) and BusinessDen (Sept. 5, 2017)
For detailed information on Avalon Bay Communities and Mill Creek Residential and contact information for all key personnel in both corporate and all regional offices refer to The Directory of Multifamily Builders & Developers and Online Database.