TRI Pointe Group Inc.

11/22/2024 | Press release | Distributed by Public on 11/22/2024 05:06

Tri Pointe Homes® Closes on First Land Acquisition in the Greater Orlando Market, Marking the Homebuilder’s Debut in Minneola’s Sugarloaf Mountain Community

With 178 homesites planned, the acquisition introduces Tri Pointe's premium lifestyle brand to homebuyers in the Orlando region

ORLANDO, Fla., Nov. 22, 2024 (GLOBE NEWSWIRE) -- Tri Pointe Homes® (NYSE: TPH), one of the largest homebuilders in the U.S., announced today the acquisition of 178 single-family detached homesites in the Sugarloaf Mountain planned community in Minneola, Florida with its land bank partner, Kennedy Lewis Investment Management LLC. This milestone follows Tri Pointe Homes' entry into the greater Orlando market, a strategic expansion driven by the area's robust growth and demand for high-quality housing options.

Tri Pointe purchased the sites from Richland Communities, the developer of Sugarloaf Mountain. Located on elevated terrain, the new community, Pine Ridge at Sugarloaf Mountain, is anticipated to feature 15.87 acres of open space, including a neighborhood park, amenity center, ponds, and topography that complements its unique setting. Plans for the community include three distinct homesite sizes - 45-, 55-, and 65-feet - with detached floorplans designed specifically for the needs of premium entry level and move up homebuyers in the Central Florida market. The amenity center is anticipated to offer a pool, cabana, and lawn area, enhancing the outdoor lifestyle that Pine Ridge at Sugarloaf Mountain aims to deliver. Tri Pointe Homes' design studio, anticipated to open in Fall 2026, will further support this personalized approach by offering Orlando metro area homebuyers access to curated design options that reflect their aesthetic preferences and lifestyle needs.

"Tri Pointe Homes believes this location provides an exceptional opportunity to introduce our premium lifestyle offerings to the greater Orlando market," said Tri Pointe Homes Orlando Division President Joel Underwood. "Minneola's population increased dramatically following the pandemic, growing by 30% between 2020 and 20231. With its proximity to major developments and employment hubs, Pine Ridge at Sugarloaf Mountain offers a desirable community designed to meet the needs of homebuyers in a region that's experiencing dynamic expansion and rising demand.

"We are extremely pleased to be working with Richland Communities, a development company known for investing in premium locations," said Underwood. "As a customer-centric company whose mission is to deliver life-changing experiences, this gives Tri Pointe the ideal opportunity to design premium lifestyle homes that are tailored specifically to the land on which they are built and to the buyers in this region. As we begin the design process for our homes at Pine Ridge, we will be capitalizing on the Sugarloaf Mountain location, which is one of the highest elevations in Central Florida. This unique setting will allow us to deliver the kind of premium experience that defines Tri Pointe Homes and informs how we design communities that speak directly to the markets where we operate."

Tri Pointe's expansion into the greater Orlando market is part of the company's broader strategy to increase its presence in high-growth regions across the U.S. The company has established a track record of expansions in markets like Utah, Coastal Carolinas, and Texas, supported by its guiding principle of the "Best of Big and Small." This approach allows Tri Pointe's regional divisions to benefit from local expertise and decision-making, backed by the resources and stability of a nationally recognized homebuilder.

Florida's strong economic foundation and population growth make it a strategic fit for Tri Pointe Homes. With sectors like clean technology, aerospace, and advanced manufacturing driving job creation in the region, Tri Pointe Homes is well-positioned to serve a market with a demand for premium lifestyle homes.

Construction at Pine Ridge is expected to begin in mid-2025, with model home construction slated for mid-2026 and a grand opening anticipated in September 2026. For more information, visit tripointehomes.com/orlando.

About Tri Pointe Homes®
One of the largest homebuilders in the U.S., Tri Pointe Homes, Inc. (NYSE: TPH) is a publicly traded company operating in 12 states and the District of Columbia, and is a recognized leader in customer experience, innovative design, and environmentally responsible business practices. The company builds premium homes and communities with deep ties to the communities it serves-some for as long as a century. Tri Pointe Homes combines the financial resources, technology platforms and proven leadership of a national organization with the regional insights, longstanding community connections and agility of empowered local teams. Tri Pointe has won multiple Builder of the Year awards, was named to the 2024 Fortune World's Most Admired Companies™ list, is one of the 2023 Fortune 100 Best Companies to Work For® and was designated as one of the PEOPLE Companies That Care® in 2023 and 2024. The company was also named as a Great Place To Work-Certified™ company for four years in a row (2021 through 2024), and was named on several Great Place To Work® Best Workplaces list (2022 through 2024). For more information, please visit TriPointeHomes.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a73181d7-11a2-4ea6-86a1-3c805675133e

1 U.S. Census Bureau: https://www.census.gov/quickfacts/fact/table/minneolacityflorida/PST120223 


CONTACT:
Katy Biggerstaff
[email protected] / 562.761.6338

Tri Pointe Homes® closes on first land acquisition with its land bank partner in Minneola's Sugarloaf Mountain Community

Plans for the community include three distinct homesite sizes with detached floorplans designed specifically for the needs of premium entry level and move up homebuyers in the Central Florida market.

Source: Tri Pointe Homes, Inc.