SCOTTSDALE, Ariz. (November 6, 2017) – The New Home Company (NEW HOME, NYSE: NWHM), announced today that it has acquired land for a collection of 53 spacious single-family homes, called Belmont, within the master-planned community of Somerset in Gilbert, Arizona.
NEW HOME is a publicly traded homebuilder headquartered in Aliso Viejo, California with Arizona operations based in Scottsdale. It purchased the 53 homesites from a partnership of LeSueur Investments IX, LLC and Landmark Property Holdings, LLC, the owners of Somerset.
The homes of Belmont will feature European-influenced single-story homes, some with “pop-up” options for a partial second story, with architectural styles ranging from Spanish Monterey to French Farmhouse. These spacious homes, designed by Bassenian Lagoni Architects, will offer three to six bedrooms, three and one-half to five and one-half bathrooms, three to four-car garages and up to 5,028 square feet of living space. Pricing for the homes, which has not been finalized, is expected to begin in the $700,000s.
“Building homes at Somerset was particularly attractive to us given the community’s central location in Gilbert, the fastest growing city in Metropolitan Phoenix,” said NEW HOME Arizona Division President Pat Moroney. “Our Belmont buyers will appreciate the expansive homes ideal for large, growing families that are close to excellent schools, upscale retail and set in an intimate, peaceful setting with a quality social infrastructure.”
Located on vast farmland next to The Church of Jesus Christ of Latter-day Saints’ Gilbert Temple, Somerset will include many recreational amenities for Belmont buyers to enjoy such as parks, basketball and tennis, and a network of walking trails that bridge each of the neighborhoods with a community lake where families can gather for picnics or events with their fellow residents and friends.
“We selected ‘Belmont’ as the name of our community as it is of French origin and translates to ‘beautiful mountain,’ a fitting reflection of our European architecture and the surrounding San Tan and Superstition Mountain ranges,” said Moroney. “We think Belmont is a place many families in the area will be proud to call home.”
NEW HOME will begin construction on the Belmont model homes before the end of the year, and a neighborhood grand opening is planned for the spring of 2018.