The New Home Company Continues Arizona Expansion

Rhea-AI Summary

The New Home Company (NWHM) is expanding in Arizona, particularly in the Phoenix market, where it has acquired land in sought-after masterplans. The company is set to launch Element at Eastmark, featuring 135 single-family homes, with sales beginning this summer. Homes will range from 1,559 to 1,965 square feet, priced from the mid $300,000s. With its energy-efficient designs and user-friendly tech packages, Element aims to attract first-time buyers. The company has seen success with its other communities since 2020, with positive market reception.

Positive

• Expansion into the rapidly growing Phoenix market.
• Introduction of Element at Eastmark, featuring 135 homes.
• Prices starting from mid $300,000s, targeting first-time buyers.
• Energy-efficient and smart home solutions enhance appeal.

Negative

• None.

The New Home Company (NEW HOME, NYSE: NWHM) is continuing its expansion in Arizona. Since starting operations in the state in 2016, the homebuilder has strategically increased its presence in the Phoenix market through the acquisition of land in highly desirable masterplans and areas poised for growth. Its projects have been recognized with awards for planning and design, helping the company gain exposure and become a go-to builder for homebuyers in the region.

As NEW HOME enjoys success at its communities throughout greater Phoenix, it announced today that it will soon make its debut in Mesa. Construction is well underway on Element at Eastmark, where NEW HOME will build 135 single-family detached residences, with an opening and launch of sales planned for this summer. Eastmark, developed by Brookfield Residential and DMB Inc., is the top selling masterplan in the East Valley and the second fastest selling community in all of Arizona according to John Burns Real Estate Consulting.

Element will consist of spacious, two-story homes and will offer a picturesque sanctuary surrounded by an abundance of outdoor activity and neighborhood connectivity. The homes, designed in Mediterranean, Contemporary Farmhouse and Monterey architectural styles, will range from 1,559 to 1,965 square feet with two-car garages, up to four bedrooms and three baths.

Ideal for first-time buyers and those working from home, Element will feature NEW HOME’s EVO Home Tech package, allowing homeowners to personalize their residences with progressive living and smart home solutions. In addition, all Element homes are Energy Star and Indoor airPLUS certified, providing higher standards of energy efficiency and enhanced indoor air quality. Prices are anticipated to begin in the mid $300,000s.

“Element will be one of the most attainably priced offerings within Eastmark, so we think it is well positioned to attract buyers who are looking to be part of a vibrant community close to jobs with an abundance of family-friendly activities,” said Christopher Cady, Arizona Division President for NEW HOME. “We’re excited to be a part of Eastmark and look forward to supporting the community’s standing as one of the top selling master plans, not only in Arizona, but the entire nation.”

Element is the latest NEW HOME collection to take shape in the Phoenix region, joining Mosaic at Layton Lakes in Gilbert; Centella at Estrella in Goodyear and Mariposa in Chandler, all of which debuted in 2020 and have been selling exceptionally well.

Since its initial debut of model homes in late May 2020 at Mosaic in Gilbert, NEW HOME has been selling townhomes and flats across three residential collections to date. Mosaic offers a diverse mix of housing types in three distinct neighborhoods consisting of The Towns priced from the high $400,000s; The Flats from the low $400,000s and The Rows from the high $300,000s. NEW HOME has attracted a range of buyers to Mosaic, from empty nesters and young families to first-time homeowners. A total of nine model homes are now open and available for tours through private appointments.

Centella at Estrella, which opened in August 2020, consists of 80 detached two-story, single-family homes with up to 2,832 square feet in one of the most desirable west valley destinations. With prices starting in the high $300,000s, buyers can choose from five floorplans with up to five bedrooms and a range of architectural styles including Modern Prairie and Desert Contemporary with interior upgrades and finishes available through NEW HOME’s on-site Design Studio.

In September, NEW HOME introduced Mariposa in Chandler, part of the southeast valley which is the fastest growing region in Metro Phoenix with thousands of jobs in the tech sector and other growing industries. Close to excellent shopping and recreation, Mariposa features three neighborhoods, each with a distinct product type. Towns include 106 paired townhomes with prices starting in the mid $300,000s; Courts offer 38 cluster homes with pricing from the mid $300,000s; and Cottages is comprised of 55 single-family residences with pricing from the low $500,000s.

“Establishing leading design in every market we build is a key component of the NEW HOME Credo,” said Leonard Miller, President and Chief Executive Officer for NEW HOME. “For us, it starts with the careful selection of the land we purchase. Then we partner with the top architects and design firms to create the most thoughtful homes for each community we build. We’ve been fortunate to acquire some special pieces of land in the Phoenix region and are pleased with our success here. We look forward to more success with Element, but most importantly to delivering a product our buyers will be proud to call home.”

For more information and to join the interest registry for Element, please visit www.ElementNWHM.com.

About The New Home Company

NEW HOME is a publicly traded company listed on the New York Stock Exchange under the symbol “NWHM.” It is a new generation homebuilder focused on the design, construction and sale of innovative and consumer-driven homes in major metropolitan areas within select growth markets in California, Arizona and Colorado, including coastal Southern California, the San Francisco Bay area, metro Sacramento, Phoenix and Denver.

NEW HOME was named 2019 Builder of the Year by Professional Builder and is a multi-year recipient of “The Eliant” for providing the Best Overall Customer Experience in North America in the Eliant Homebuyers’ Choice Awards. NEW HOME has won hundreds of awards in the homebuilding industry for its design and planning excellence, dozens of “Community of the Year” awards, and was recognized five straight years for creating the best community or master plan in all the United States. For more information, visit NWHM.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210330005109/en/

FAQ

What is The New Home Company's expansion plan in Arizona?

The New Home Company is expanding in Arizona by launching Element at Eastmark, which will consist of 135 single-family homes in the Phoenix area.

When will sales for Element at Eastmark begin?

Sales for Element at Eastmark are planned to begin this summer.

What is the price range for homes in Element at Eastmark?

Homes in Element at Eastmark are anticipated to start in the mid $300,000s.

What architectural styles will be featured in Element at Eastmark?

Element at Eastmark will include homes designed in Mediterranean, Contemporary Farmhouse, and Monterey architectural styles.

How has The New Home Company performed in recent developments?

The New Home Company has seen success in its other Phoenix communities since 2020, with positive market reception.