TRI Pointe Group (NYSE: TPH), Irvine, said Wednesday that its builder brand TRI Pointe Homes is expanding its footprint into the southeast region with the launch of a new division in the Carolinas.
With a division office in Charlotte and initial operations in both Charlotte and Raleigh, the move allows TRI Pointe Homes to establish a presence in the No. 3 and No. 9 markets nationally.
“Charlotte and Raleigh have a great deal to offer with their residential growth opportunities and affordability advantages, as well as being four-season markets with a great quality of life,” said Gray Shell, the new division president of TRI Pointe Homes Carolinas, who brings 20 years of strategic, operational and financial experience, mostly with major home builders, to the leadership team. “Given the job and household growth of these top-10 metros, it really is a tremendous opportunity to establish a stand-alone operation for TRI Pointe Homes. As a major strategic differentiator, TRI Pointe Homes starts with people, invests in talent, and will build a leadership team around land, product and marketing before we develop the first lot or sell the first home.”
TRI Pointe Homes Carolinas will look for opportunities to develop well-located attached and detached housing communities for multiple market segments ranging from entry-level townhomes to move-up single-family homes to age-qualified product in core markets. Catering to the outdoor lifestyle of the Carolinas, the new TRI Pointe division will develop communities that include natural areas and recreational amenities. From homes to trail systems to walkable local venues, access and connectivity will be hallmarks of community design.
“TRI Pointe Group’s established reputation for organic expansion in major markets on both coasts, combined with Gray’s experience and relationships in the high-growth southeast region, places us in an excellent position for success,” said Tom Mitchell, president and chief operating officer of TRI Pointe Group. “The divisional team in the Carolinas will have the advantage of leveraging TRI Pointe’s national resources and leadership while utilizing its regional expertise to act with the agility of a local builder brand.”
