Press Release
The New Home Company Receives Investment from Toronto-Based Tricon Capital Group
ALISO VIEJO, Calif. (January 10, 2011) – The New Home Company has received an investment from Tricon Capital Group Inc., one of North America’s pre-eminent asset managers focused on residential real estate development. Toronto-based Tricon joins IHP Capital Partners and Watt Companies, which became Members of The New Home Company in August 2010.
“Tricon Capital Group is a sophisticated, world-class investment organization,” said The New Home Company CEO Larry Webb. “Combining their expertise with the strength of IHP Capital Partners and Watt Companies creates an amazing ownership structure that will allow us to take advantage of new opportunities. All of us at The New Home Company are very excited about the future.”
In 2010, the company’s first full year of operation, The New Home Company launched one of the country’s fastest selling new-home communities: Carmel in Irvine, CA, which sold 83 $1 million+ homes in 11 months. The company currently controls additional well-located sites throughout California, including 50-acre Lambert Ranch in Irvine, where it plans to build a 169-home, gated masterplanned community. The New Home Company continues its evolution as one of California’s fastest-growing developers of high-quality residential neighborhoods in Northern and Southern California.
“We are extremely excited about the opportunity to invest in one of California’s strongest, fastest-growing private residential real estate developers,” said David Berman, Tricon’s Chairman and Chief Executive Officer. “We believe that our partnership with TNHC’s ‘blue chip’ management team will further strengthen Tricon’s developer platform, particularly in Southern California, and should help generate additional financing opportunities for Tricon’s U.S. funds.”
The New Home Company’s current acquisition strategy is aggressively targeting land in San Francisco, San Diego, Los Angeles, Orange County and Sacramento.
About The New Home Company The New Home Company was founded by four of the most respected leaders in residential development. It holds itself to the highest standards of design, execution and integrity, and it focuses on relationships with team members, trade partners, capital providers, landholders and homeowners. The New Home Company strives to build a better life for those who live in its communities. This distinguishes it in every respect: it has helped to provide better environments, contributed to better schools and supported communities with a deeper sense of social consciousness – all with a level of integrity, of respect, of compassion for the world in which we live. For more information about the company or its current new-home offerings, visit www.TheNewHomeCompany.com.
About Tricon Capital Group Inc. Founded in 1988, Tricon is one of North America’s pre-eminent asset managers focused on the residential real estate development industry with approximately $1 billion of assets under management. Tricon participates in the development of residential properties in Canada and the United States by acting as the manager of limited partnerships that provide financing, typically in the form of participating loans, to developers, with a specific focus on residential land development, single-family homebuilding, multi-family construction and retail developed in conjunction with residential projects. Since inception, Tricon has invested in approximately 141 transactions for development projects valued at $9.0 billion. More information about Tricon is available at www.triconcapital.com.
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