Homebuilder will use additional capital to expand homebuilding and land acquisition through California
ALISO VIEJO, Calif. (September 7, 2010) – The New Home Company, led by homebuilding veteran CEO Larry Webb, has received additional capital from IHP Capital Partners and Watt Companies. The company will use this new capital to expand homebuilding and land acquisition throughout California and the Western United States.
“This financial partnership provides The New Home Company with the necessary resources to continue advancing our commitment to building with the highest standards of design, execution and integrity,” said Webb. “IHP Capital Partners and Watt Companies are our ideal financial partners because they share our vision for sophisticated and thoughtful development and possess the wherewithal to stand by our side for many years.”
The New Home Company’s capitalization further supports its position as one of California’s strongest, fastest-growing developers of high-quality residential neighborhoods. The company is actively selling new-home neighborhoods and seeking land acquisitions.
“The New Home Company’s management team has the experience and leadership necessary to transform this company into one of the nation’s finest homebuilders,” said IHP Capital Partners CEO Doug Neff. “We’re excited to be a part of this growing enterprise, led by some of the development industry’s best entrepreneurs.”
“We have a long history of success working with The New Home Company’s principals, and we believe a bright future is on the horizon,” said Watt Companies CEO Scott Watt. “Our investment into The New Home Company will enhance the ability of their very capable management team to extend the company’s successful development model and core values.”
Representatives from IHP Capital Partners and Watt Companies will join The New Home Company’s Board.
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 IHP Capital Partners
IHP Capital Partners is an 18-year old investor of institutional capital with offices in Irvine, San Francisco and Washington, D.C. Its Fund VI invests nationwide in new for-sale residential projects. IHP also has five established residential real estate investment funds with more than $1.2 billion in assets under management. IHP has received equity commitments in excess of $1.6 billion from major pension funds and insurance companies. These commitments have financed equity investments in projects with more than $19 billion of estimated sales revenue. For more information, please visit www.ihpinc.com.
About Watt Companies, Inc.
Watt Companies, Inc. is one of the most experienced and largest owners, developers, and managers of commercial real estate in the Western United States. With more than 40 years of experience, Watt has a proven track record of providing real estate services to institutional investors, high net worth investors, and real estate partners. Watt Companies, Inc. currently manages over 10 million square feet of retail, multifamily, office and industrial assets. Watt has also developed over 8 million square feet of commercial and retail properties. For more information, please visit www.wattcompanies.com.
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