ALISO VIEJO, Calif. and TORONTO, Canada (October 7, 2013) – The New Home Company (NEW HOME) of Aliso Viejo, Calif. has completed the acquisition of The Calabasas Inn from D2 Development Inc., and will build The Village at Calabasas, a new mixed-use community of 72 luxury flats, affordable housing and retail space on this landmark property in the heart of Calabasas, Calif.
In addition to the completion of the land purchase, Joseph D. Davis, chief investment officer for NEW HOME, also announced a partnership with Toronto-based Tricon Capital Group Inc. to provide financing for The Village at Calabasas, located at 23500 Park Sorrento.
Terms of the transaction were not disclosed. D2 Development was represented by Hamlin Gooding, a Huntington Beach, Calif.-based commercial real estate services firm, in finalizing the sale to the NEW HOME and Tricon partnership.
NEW HOME and Tricon are currently partnering on Villa Metro, a new village of 315 single-family detached homes and live/work lofts which opened in August in the master-planned community of Valencia and has quickly become the fastest-selling neighborhood there.
“Tricon is one of our most trusted financial partners, and we are extremely pleased to begin this joint venture with them on The Village at Calabasas,” said Davis. “This project is the first of its kind for Calabasas, so with the financial strength of Tricon joining the design expertise and customer-service approach of our company, it will undoubtedly succeed on many different levels.”
Construction on The Village at Calabasas is expected to commence in late 2013.
“We’ve worked diligently with the City of Calabasas over the past year to develop the most thoughtful and innovative plan possible for this community,” said NEW HOME Vice President Stephen Jordan, who led the land acquisition efforts for the company. “The Village at Calabasas will feature state-of-the-art technology, top-quality construction standards and timeless architectural styling.”
According to Jordan, the 72 one-level luxury flats at The Village are expected to range in size from 2,038 to 2,549 square feet of living space with two to three bedrooms, spacious private decks and balconies. There will be semi-private elevators with penthouse access directly into each residence.
Highlighted by Authentic Formal Italian architectural designs, each residential building will contain an elegantly appointed lobby with library lounge areas for resident and guest enjoyment, and a secure parking garage on the first level.
The Village of Calabasas will be full of resort-style amenities including an oval-shaped swimming pool and spa with private cabanas complemented by an outdoor fireplace gathering space. The social center will be the Village Clubhouse with a kitchenette, exercise room and gaming area. External walking paths will connect to local area services and amenities, and internal paths will be designed with onsite recreational opportunities such as exercise stations, turf zones, fire pit/barbecue and picnic areas, bocce ball court and community garden area.
The mixed-use building, built along the Park Sorrento frontage, will be designed to LEED Silver building standards with affordable homes above and two levels of parking below. While NEW HOME has not yet identified a commercial tenant for The Village at Calabasas, Jordan says the prime retail location has drawn strong interest from firms who may be interested in operating a day spa, high-end restaurants and other service-oriented businesses.
“NEW HOME is committed to responsible building through environmental design” said Jordan. “This includes incorporating ‘Green Building’ standards to increase the efficiency and use of energy, water and material resources while reducing impacts to the environment. Once complete, The Village of Calabasas will be a community that our residents, business owners and all of Calabasas will be proud to have in the city.”
An opening date and prices for the residences at The Village of Calabasas have not yet been determined. For more information and to receive regular updates, please visit www.VillageAtCalabasas.com.
About The New Home Company
The New Home Company was founded in 2009 years ago by residential development leaders Larry Webb, Wayne Stelmar, Tom Redwitz and Joe Davis. It is one of California’s most active homebuilders, recently named Builder of the Year by the Building Industry Association of Southern California. For more information about the company or its current new-home offerings, visit www.TheNewHomeCompany.com.
About Tricon Capital Group Inc.
Founded in 1988, Tricon is one of North America's leading residential real estate investment companies with approximately $1.5 billion of assets under management and a portfolio of over 2,500 U.S. single-family rental homes. Tricon provides financing to local operators or developers in select markets in the United States and Canada, with a primary focus on for-sale housing in growing markets. Since inception, Tricon has invested in approximately 160 transactions for development projects valued at more than $11 billion. More information about Tricon is available at www.TriconCapital.com.