Homebuilder Announces New Infill Single Family Communities in
San Diego, Los Angeles and Vista
SAN DIEGO, Calif. – October 2011 – PulteGroup, which continues to invest in available finished lots in key areas, announces its third new-home community acquisition in Southern California in the past three months.
In the most recent acquisition, Pulte Homes is scheduled to close escrow this month on Torrey Highlands, a 44-unit community located in the City of San Diego in the Carmel Valley area. In August, Pulte Homes closed on 18 infill units in Los Angeles and in September purchased 26 lots in the City of Vista.
“Our acquisition strategy has been heavily focused on improving revenues and returns through incremental closings of ideally located communities,” said Chris Haines, president of PulteGroup’s Southern California Division. “These are premium finished lot opportunities in some of the best locations.”
The mature, job proximate markets of North San Diego market prompted PulteGroup to open four other new communities in the area earlier this year. The communities, located in Rancho Bernardo, Carlsbad and San Marcos, represent more than 270 new home sites and opened for sales within months of being acquired by PulteGroup.
Recent Acquisition Highlights:
Eagle Rock in Los Angeles – Pulte Homes purchased 18 infill lots on the corner of Merton Avenue near the south side of Colorado Boulevard. The single-family homes will range in size from 1,100 to 1,775 square feet and offer an alternative to nearby town home communities. Pulte’s recent success with the Rosecrest community in neighboring Pasadena prompted the homebuilder to seek opportunities nearby. Pulte plans to start sales in early 2012.
Madison Lane in Vista – Surrounded by existing neighborhoods in North San Diego County, PulteGroup’s Centex brand acquired these 26 finished lots and three existing model homes from California-West Communities. Pulte opened for sale in September using existing home plans.
Torrey Highlands in San Diego – The suburban area of the 44-unit Torrey Highlands community touts excellent access to freeways and jobs and has high performing schools. Pulte Homes will be targeting young, upwardly mobile families and offering homes with generously sized bedrooms, flexible spaces and thoughtfully-designed living spaces. The finished lots were sold by Davidson Communities and Pulte Homes plans to start sales in early 2012.
“We’ve been watching the market and taking advantage of the best opportunities to get back in,” Haines said, adding that the company is in escrow on a 50-unit community in the Rancho Mission Viejo master plan in the San Juan Valley area that is planned to open in 2013. “Our comprehensive knowledge of this submarket helped set us apart as a builder that can and will perform well.”
PulteGroup, Inc. (NYSE: PHM), based in Bloomfield Hills, Mich., is one of America’s largest home building companies with operations in approximately 60 markets throughout the country. Through its brand portfolio that includes Centex (for first-time homebuyers), Pulte Homes (for move-up buyers) and Del Webb (for people 55+), the company is one of the industry’s most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup conducts extensive research to provide home buyers with innovative solutions and new homes designed for the way people actually live today. As the most awarded home builder in customer satisfaction, PulteGroup brands have consistently ranked among top home builders in third-party customer satisfaction studies. For more information about PulteGroup, Inc. and PulteGroup brands, see pultegroup.com; www.pulte.com; www.centex.com;www.delwebb.com