Tri Pointe Homes—No. 17 on the 2023 Builder 100—announced it is expanding into a new state with the opening of a division in Utah.
Operations will be based in the greater Salt Lake City region, and Ken Krivanec has been named as president of the new division.
“We conducted in-depth research into the Utah market leading up to our expansion into the region,” says Tom Mitchell, president and chief operating officer of Tri Pointe Homes. “We are a growth company that looks closely at each new market’s fundamentals and carefully analyzes how we can best execute on them. When studying the Utah market, we saw clearly how Tri Pointe Homes’ model of being a customer-driven, premium lifestyle builder will fill a need in a very strong market.”
Krivanec, who has served as division president for Tri Pointe Homes’ Washington division for 12 years, will serve in a dual president role.
“Ken is the ideal leader to launch our new Utah division. Having been raised in Utah, working in the industry there previously, and regularly traveling over the last decade between the Washington and Utah markets, Ken has deep ties and a profound understanding of the market,” continues Mitchell. “Ken is a strategic and collaborative leader who has the backing of a highly qualified and engaged team in Washington, which will allow him to take on this expanded leadership role focusing first on land and talent acquisition and contribute in a significant way to Tri Pointe Homes’ strategic growth in both the Washington and Utah markets.”
A key practice that helps Tri Pointe succeed in diverse markets across the country is its “Best of Big and Small” pillar. According to the company, each of the its regional divisions are led by market experts who are empowered to make decisions on a local level while having the financial backing and resources of one of the largest public home builders in the country.
“Utah, like the rest of the country, has a severe housing shortage, which has been exacerbated by existing homeowners who are unwilling to sell and give up their low interest rate mortgages,” says Krivanec. “At the same time, new-home builders have pulled back on housing starts, which has created an even greater shortage. We believe that this presents Tri Pointe with an ideal opportunity to apply our “Best of Big and Small” pillar when expanding into Utah and to successfully leverage the unbalanced supply and demand conditions in the market.”