Irvine, California-headquartered New Home Co. on Wednesday announced its entry into the Washington state market.
The move comes one month after the homebuilder-land developer revealed its division in Oregon.
New Home Washington will be led by veteran homebuilding executive Brandon Scheibner, who is currently employed at William Lyon Homes (which operates in Washington as Polygon Northwest).
The company announced that the first Washington project of New Home, a stacked flats project named Rivercrest, would break ground in the next month.
The 80 residences will be spread over 10 buildings. The pricing for the homes, which will range between 650 and 1,140 square foot, has not been determined, but is expected to be lower than the comparable market.
According to public records, New Home paid $8 million last month for the 5.1-acre parcel near Southeast North Bend Way & 436th Avenue Southeast. Cedar River Developer Inc. was the seller, and its Bellevue street address is identical to Shelter Holdings’ and Polygon Northwest’s.
We're going fast. The first phase of construction will begin at Rivercrest in North Bend, where we expect to have homes available by early 2024. Scheiber stated in the press release that we also expect to complete land transactions in this year, which will bring hundreds more homes to Seattle's east side in the next 12-18 months.