NewHome Co.

Homebuilder enters Washington market with plans for hundreds of Eastside homes

Wednesday, May 17, 2023

By: Marc Stiles

Irvine, California-headquartered New Home Co. on Wednesday announced its entry into the Washington state market. The move comes a month after the homebuilder and land developer unveiled its division in Oregon.

Veteran homebuilding executive Brandon Scheibner of William Lyon Homes, which operates here as Polygon Northwest, will lead New Home’s Washington operations.

New Home’s first Washington development, a stacked-flats project called Rivercrest, will break ground next month, the company said. It will have 80 homes in 10 buildings. Pricing for the residences, which will range from around 650 to nearly 1,140 square feet, hasn’t been determined but will be “attainable” and “expected to be below the comparable market,” a press release states.

Public records show that New Home last month paid $8 million for the 5.1-acre property near Southeast North Bend Way and 436th Avenue Southeast. The seller was Cedar River Developer Inc., whose Bellevue address is the same as both Shelter Holdings’ and Polygon Northwest’s.

“We’re going to move fast, starting with construction at Rivercrest at North Bend where homes will be available in early 2024. We also expect to close on land transactions this year that will bring hundreds of more homes to the east side of Seattle in the next 12 to 18 months,” Scheiber said in the release.

Read more here.

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