TRI Pointe Homes acquired 32 single-family detached lots in Milpitas, Calif. Additionally, the opening of the well-located project called Los Coches is planned for the second half of 2014.
"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 CEO.
The acquisition of Milpitas, located in the heart of the Silicon Valley, is comprised of 32 single-family detached lots averaging 2,100 square feet. Some homes range from 1,600 to 2,300 square feet. The property will also feature a tot lot/pocket park.
Los Coches will provide entry-level and move-up product for Bay Area homebuyers, with homes priced in the mid $800,000s.