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HEBER CITY, Utah - Tri Pointe Homes (NYSE: NYSE:TPH), a major national homebuilder with a market capitalization of $3.4 billion and strong financial health according to InvestingPro analysis, has commenced construction on a new community named The Crossings at Lake Creek in Heber City, Utah. This development is part of the company’s expansion in the state and is expected to encompass 139 single-family homes. The first properties are slated to be available for sale in summer 2025.
The groundbreaking event took place on Wednesday, with company executives including Ken Krivanec, Division President of Tri Pointe Homes Washington and Utah, and other local leaders in attendance. The new community is designed to cater to an increasing demand for housing in the region and will feature homes with up to eight bedrooms and 5,000 square feet of space, including finished basements.
The Crossings at Lake Creek is strategically located to provide residents with easy access to employment hubs in Salt Lake City, Park City (NYSE:TRAK), and Provo. Planned amenities for the community include a clubhouse, pickleball courts, a neighborhood pool, parks, a fishing pond, and over 67 acres of open space and trails.
As part of Tri Pointe Homes’ commitment to Utah, the company has established a new office in the Sugar House area, which will also house their design studio. The Heber City project follows the company’s announcement of its Utah expansion back in September 2023 and precedes the launch of additional communities in West Jordan and Holladay.
The expansion into Utah is part of Tri Pointe Homes’ broader strategy to increase its footprint in high-growth regions across the United States. The company’s approach combines local expertise with the resources of a national organization, aiming to offer a premium lifestyle brand and exceptional customer experience.
Prospective buyers can look forward to the opening of model homes at The Crossings in mid-2025, with an interest list opening in the near future. This announcement is based on a press release statement from Tri Pointe Homes.
In other recent news, Tri Pointe Homes, Inc. announced the initiation of a new stock repurchase program, with the company’s Board of Directors approving the buyback of up to $250 million of its common stock through December 31, 2025. This program follows the 2024 Repurchase Program, under which the company repurchased approximately 1.2 million shares in the fourth quarter and nearly 4 million shares throughout the year, totaling about $146.6 million. The new repurchase program may be executed through various means, including open market transactions and block trades, in compliance with federal securities laws.
However, there is no obligation for Tri Pointe Homes to repurchase any specific number or dollar amount of shares, and the program may be subject to modifications or discontinuation. The timing and volume of repurchases will be determined by various factors such as market conditions and corporate needs. These recent developments provide insight into the company’s ongoing financial strategies.
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