A major U.S. homebuilder has started construction on three developments in the suburbs of Austin, Texas, one of the fastest-growing metropolitan areas in the nation.
Tri Pointe Homes has launched Park Central in Georgetown, Flora in Hutto and Lagos Reserve in Manor, all near the Texas capital city. The trio of projects would add nearly 900 houses and townhouses, with prices ranging from the $300,000s to the $400,000s.
The Austin metropolitan area ranks as the seventh fastest-growing regions in the country, according to the latest figures from the U.S. Census.
Austin added 50,105 residents between 2022 and 2023. The Dallas metropolitan area added nearly 153,000 residents and ranked first, and the Houston region was second with nearly 140,000 new residents.
The Sun Belt, including Texas, covers all or parts of 18 states in the Southeast and Southwest. It is a popular destination for new households, given its warm climates, robust job growth and, in some cases, favorable tax laws. Homebuilders are searching the region for lots to satisfy the growing demand that's resulted from the rapid population growth.
Privately held Tri Pointe, based in Irvine, California, is the nation's 18th-largest homebuilder based on its 5,274 home sales last year, according to Builder magazine.
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Plans call for Park Central to contain single-family houses and townhouses that would be Tri Pointe's first for-sale, attached product in the Austin market, the company said. Park Central units will range from 1,800 to 3,000 square feet and have three to five bedrooms.
The homes at Flora will be 1,600 to 2,750 square feet with three and four bedrooms, Tri Pointe said. Lagos Reserve's homes will range from 1,800 to 3,000 square feet with three to five bedrooms.
“We believe in the continued growth of Austin and its surrounding metros, and we’re committed to being part of the region’s forward momentum,” said Bryan Havel, division president of Tri Pointe Homes in Austin, in a statement.