Bay Area ‘entry level’ starts in the mid-800s; TRI Pointe’s new deal

TRI Pointe Homes continues to map its land play, zoning in on coveted infill locations in job- and transportation-rich corridors. Here’s a bit on a new TRI Pointe deal, Los Coches, 32 single family detached lots in Milpitas, Calif.

Although the deal is for 32 units, pegged for the back half of 2014, what it says is consistent with the TRI Pointe land strategy discipline, which is to time-line its land holdings to a two- to three-year supply, across a spectrum of design types and price-points, in highly desirable locations.

Here’s the gist of the TRI Pointe press statement:

“The core areas of the Bay Area are extremely supply constrained, especially for single family detached product. Our team in Northern California has built the necessary relationships to continue to source infill locations like this recent acquisition,” said Douglas F. Bauer, TRI Pointe’s Chief Executive Officer.

Located in the heart of the Silicon Valley, the acquisition in Milpitas is comprised of 32 single family detached lots averaging 2,100 square feet with homes ranging from 1,600 to 2,300 square feet. The property will also feature a tot lot/pocket park. Priced in the mid $800,000s, Los Coches will offer entry-level/move up product for Bay Area home buyers.

This is the third strategic land acquisition since TRI Pointe went public this past January, and its deals have put more than 535 lots into the pipeline, in Northern and Southern California as well as Colorado. We expect more news to come in the months ahead, and won’t be surprised to hear of deals that will take the company into some new markets in latter 2013 and 2014.