Recent land acquisition to deliver new for sale townhomes in a
desirable and underserved urban infill location
BETHESDA, Md.--(BUSINESS WIRE)--
After two years working on the deal, Winchester Homes announced the
successful acquisition of 89 highly sought-after lots in Glenmont,
Maryland. The acquisition expands the company’s offerings in the greater
Washington D.C. area where Winchester has already built more than 20,000
homes. Glenmont Metrocentre is conveniently located opposite the
Glenmont Metro Station, a terminal for a subway artery into Washington
D.C.
Glenmont Metrocentre Homes (Photo: Business Wire)
“The Glenmont acquisition is part of a larger strategy for Winchester
Homes to further expand the urban infill market as subdivision
development becomes more scarce,” said
Alan Shapiro
, President of
Winchester Homes. “We have a huge appetite for this type of development
right now, and Glenmont Metrocentre is an opportunity to showcase a type
of home designed specifically for this high-demand area.”
The four-story townhomes at Glenmont Metrocentre feature two floor plans
that will range in size from 1,830 square feet to 2,309 square feet. The
thoughtful architecture is designed to maximize square footage by
creating homes that are narrower, but also taller than Winchester’s
typical homes. Each home will include a standard fourth floor with its
own roof top terrace. The buyer profile is expected to vary, but with a
new focus on people wanting to live closer to the city, it’s anticipated
that buyers will work in the district and enjoy the proximity to the
Glenmont Station Metro line. Pricing is anticipated to start in the mid
$400,000s, with sales anticipated to begin in January 2016.
“The Glenmont Metro location was of great interest to builders and
developers here in the Washington D.C. area, and presented a very
competitive opportunity,” Shapiro said. “We were selected because of our
reputation for being a reliable, solid partner and for following through
on projects. Our expertise in entitlement and land development for such
a complex project was a major draw, and our product excellence and
marketing power also figured into the seller’s decision to select
Winchester Homes.”
Glenmont Metrocentre is located within the Montgomery County Public
Schools district that ranks 11th out of 25 statewide. The community is
situated with great access to all district employers in a wide variety
of sectors including government, tech and non-profit. The community is
close to Glenfield Local Park, Saddlebrook Local Park, and Glenmont
Greenway Urban Park, which offer various outdoor activities from tennis
courts to picnic areas. The gentrifying neighborhood serves a walkable
lifestyle close to shops, retail and restaurants. Montgomery County is
putting in place an improvement incentive for the local retailers near
the Glenmont Metrocentre to rejuvenate the area as well.
“Winchester Homes has strong local relationships and entitlement
expertise building in Montgomery County,” said Shapiro. “With very few
new developments currently in the area, we are thrilled to have the
opportunity to deliver another new community to this underserved market.”
The other large new home community in Montgomery County is Poplar Run,
where Winchester is also currently building and selling 773 new homes.
About Winchester Homes
For 35 years, Winchester Homes, Inc. has successfully provided home
buyers with the “Your Home, Your Way” home building experience.
Today, there are more than 20,000 Winchester homes in the region, with
multiple single-family and townhome communities in the Washington D.C.
metro area. Winchester Homes’ unique home building process is focused on
delivering superior and high-quality design for its buyers. In addition,
Camberley by Winchester Homes is a luxury brand that offers home buyers
unparalleled choice when it comes to selecting their future home.
Winchester Homes is a member of TRI Pointe Group (NYSE: TPH), a family
of premium regional homebuilders supported by the significant resources,
economies of scale and thought leadership of a national foundation.
Together this makes TRI Pointe Group one of the largest homebuilders in
the U.S. For more information about Winchester Homes, please visit www.yourhomeyourway.com.
Forward-Looking Statements
Except for the historical information contained in this press release,
the matters set forth in this press release, including statements
regarding the Company's plans with respect to building and selling
homes, are forward-looking statements within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially, the
effect of general economic conditions, including employment rates,
housing starts, interest rate levels, availability of financing for home
mortgages, the strength of the U.S. dollar, adverse weather, regulatory
approvals, labor shortages and other risks detailed in the Company's
Annual Report on Form 10-K for the year ended December 31, 2013 and
other documents subsequently filed with or furnished to the Securities
and Exchange Commission. However, it is not possible to predict or
identify all such risks and uncertainties. Consequently, while the
foregoing list is considered representative, no such list should be
considered to be a complete statement of all potential risks and
uncertainties. These forward-looking statements are based on current
information that may change and you are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date of this press release. All forward-looking statements are qualified
in their entirety by this cautionary statement, and the Company
undertakes no obligation to revise or update any forward-looking
statement to reflect events or circumstances after the issuance of this
press release.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20150210005301/en/
Source: TRI Pointe Group