SOURCE: Brandywine Homes

Brandywine Homes

June 15, 2010 12:12 ET

Brandywine Homes Buys Land, Prepares to Start Construction on New Residential Community in Garden Grove, California

The Irvine-Based Homebuilder Is on Pace to Double Its Production Over the Next Eight to Nine Months

IRVINE, CA--(Marketwire - June 15, 2010) -  Brandywine Homes, one of Southern California's most successful and market-savvy builders, has acquired a prime piece of land in Garden Grove, near The Block at Orange and an array other amenities, where it plans to build 20 single-family homes.

Brandywine, based in Irvine, Calif., purchased the land from six separate sellers, including the City of Garden Grove, for an undisclosed sum. The 2.5-acre lot is located near the intersection of Trask Avenue and Fairview Street. The company plans to begin construction on the community, named Pomelo, this summer, with the first homes available in the second quarter of 2011.

The Mediterranean-style homes will offer three and four bedrooms and three bathrooms, and range in size from approximately 1,600 square feet to 2,150 square feet.

The acquisition highlights Brandywine's unique position in the market. At a time when most builders are still regrouping following the recession, family-owned Brandywine is moving quickly to bring new homes to Orange County. Since its inception in 1994, Brandywine has focused exclusively on creating small and mid-sized infill communities. Infill development is notoriously challenging, but Brandywine's expertise in the infill arena has allowed it to thrive.

"During the boom years, many builders pursued large developments in far-flung markets," said Brett Whitehead, Brandywine's president. "We stayed true to our strengths -- building infill homes that truly reflect local demand -- and as a result, we are healthy, well-funded and positioned for solid growth."

During the depths of the recession, Brandywine built approximately 50 homes a year in Southern California. The company expects to double that volume over the next eight to nine months, and ultimately erect between 200 and 250 homes annually.

The Pomelo acquisition in Garden Grove is one of eight Southern California acquisitions Brandywine plans to make over the next 12 months. The company currently has 70 homes in three active communities -- including Stonegate in Westminster and Capri in Stanton -- and a total of 300 lots in its development pipeline.

Pomelo is a good example of the company's willingness to tackle difficult sites, as well as its commitment to understanding local buyers. The company had to assemble six separate parcels in order to create a lot large enough for the neighborhood it envisioned. Throughout the process the company worked closely with city officials. While the acquisition and entitlement work was underway, the company invested considerable time studying in the market in that particular part of Garden Grove and adjusting the design of the homes to speak directly to local buyers.

"We believe very strongly that a thorough understanding of each and every community we enter is critical to our success," said Dave Barisic, vice president of sales and marketing at Brandywine. "Buyers are not the same everywhere -- far from it. So we are always turning the stone over."

As a result of this due diligence, the homes at Pomelo will include a number of features appealing to buyers who place a strong emphasis on extended family -- downstairs bedrooms for in-laws, spacious great-rooms ideal for frequent family gatherings, and unusually roomy back yards. And like all Brandywine homes, those at Pomelo will include a number of features most builders consider upgrades, such as granite countertops, stainless steel appliances and two-tone custom paint selected by the buyers.

Brandywine expects all of the homes to sell within a matter of months. For more information about Pomelo and Brandywine's other new home communities, please visit www.brandywinedev.com.

About Brandywine Homes

Brandywine Homes is a residential homebuilder based in Irvine, Calif., that specializes in challenging infill development. Founded in 1994, the family-owned and operated company has built or developed almost 600 homes in 21 small- and mid-sized infill communities, revitalizing some of Southern California's oldest and most established neighborhoods. Brandywine builds homes that respect and complement the heritage, values and architectural integrity of existing neighborhoods and the people who live there -- making a positive contribution to the community. www.brandywinedev.com

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