PHOENIX (January 19, 2016) – The New Home Company (NEW HOME, NYSE: NWHM) today announced a strategic expansion into the Phoenix market with the opening of its Arizona division, its first outside of California.
NEW HOME’s initial community will consist of 68 home sites in the former Mountain Shadows resort in Paradise Valley. The community will offer a selection of luxury detached homes and condominiums.
NEW HOME has been one of the most active home builders in California since the company was formed in 2009. Headquartered in Aliso Viejo in Orange County, California, NEW HOME now has divisions in Southern California, the San Francisco Bay Area, the Sacramento region and Arizona.
“We’ve been considering an expansion into Phoenix for more than two years,” said NEW HOME Chief Executive Officer H. Lawrence Webb. “Our focus continues to be opportunities in land-constrained markets where we will be rewarded for exceptional community planning and creative architecture. We prefer to be in demographically strong locations where there are four to five jobs being created for every building permit pulled, and where there is strong competition from the resale market. Phoenix has these characteristics and we expect to be very successful here.”
NEW HOME also announced that veteran homebuilding executive Pat Moroney has been named president of the Arizona division. Moroney has 30 years of homebuilding experience and for the last 16 years served as a division president in the Phoenix market with Meritage Homes, Journey Homes/Taylor Woodrow Homes, and most recently with Standard Pacific Homes.
Moroney, who also has experience in Florida and Southern California, is an Honorary Life Director of the Home Builders Association of Central Arizona. He received his Bachelor of Science in Resource Management from Northern Arizona University.
“In just six years, The New Home Company has become one of the most highly regarded builders in California, winning every award imaginable for planning, design and customer service,” said Moroney. “I’m thrilled to become a part of the team as we introduce the NEW HOME brand to Phoenix.”
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 and Arizona, including coastal Southern California, the San Francisco Bay area, metro Sacramento and Phoenix. In 2013, 2014 and 2015, NEW HOME was the recipient of “The Eliant” for Best Overall Customer Experience in the Eliant Homebuyers’ Choice Award’s multi-divisional builder segment. For more information about the company or its current new-home offerings, visit www.NWHM.com.
