IRVINE, CA-TRI Pointe Homes Inc. has acquired 301 lots in three desirable Southern California locations in Azusa, Temecula and Huntington Beach. The homebuilder plans to open four new communities at these locations, one in late 2013 and the rest in 2014.
The Azusa acquisition, composed of 66 lots, is located off the I-210 freeway in the Rosedale master plan. Named Avenswood, the community will feature first-time move-up, single-family detached homes ranging from 2,500 to 3,100 square feet, priced from the low $600,000s. In addition to Avenswood, TRI Pointe is currently selling single-family detached homes priced from the mid-$400,000s at its Tamarind Lane community in Rosedale.
The Huntington Beach location consists of 49 lots from the Fountain Valley School District, offering an opportunity for an infill community of single-family detached homes in an established neighborhood midway between the Pacific Coast Highway and I-405 freeway. Homes will range in size from 2,800 square feet to 3,300 square feet and will be priced in the high $900,000s.
The Temecula acquisition of 186 lots is in the master-planned community of Paseo Del Sol, located near the I-15 freeway between Riverside to the north and Escondido to the south. TRI Pointe plans to build 90 entry-level attached townhomes and 96 motor-court homes on these lots. The entry-level homes will be priced in the mid-$200,000s and will range in size from 1,000 square feet to 1,700 square feet.
According to Douglas Bauer, CEO of TRI Pointe, “These acquisitions fit our overall strategy of building quality innovative homes in communities with convenient access to major transportation and employment corridors. With 25 years of experience in sourcing, acquiring and developing land, we have consistently secured land in our high-demand core markets. These latest acquisitions have grown our number of lots owned and controlled to over 2,100.”
GlobeSt.com was unable to reach Bauer prior to deadline to discuss the single-family homebuilding market in Orange County and the demand for these properties. But, as GlobeSt.com reported in November 2012, California's real estate industry is rallying despite the sluggish economy, said speakers at the recent Milken Institute Summit in Los Angeles titled, “California Real Estate: On the Cusp or Precipice?” Moderated by Lewis Feldman, partner and Los Angeles chair of Goodwin Procter LLP, the session revealed that the single-family homebuilding industry is showing signs of life four years after stalling, and industrial property continues to be an attractive asset class.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
