California-based homebuilder TRI Pointe Homes, which focuses on single-family homes in planned communities, has filed for an IPO.
Although TRI Pointe got its start in the middle of the real estate depression in April 2009, its co-founders saw a big opportunity to create a next-generation regional homebuilder by developing sophisticated techniques to locate properties. TRI has sold over 350 homes, which have price points that span between $300,000 to $1.5 million.
Back in September 2010, the company received an equity commitment of $150 million from Starwood Capital Group. The head of that fund is Barry Sternlicht, a legend in the real estate business.
And yes, TRI has been growing at a rapid clip. From fiscal 2010 to 2012, revenues have gone from $4.1 million to $26.5 million. Still, the company continues to lose money. For the first nine months of 2012, the net loss was $4.6 million.
Of course, homebuilders have been red-hot in 2012, with huge gains from operators like KB Home (NYSE:KBH), Ryland Group (NYSE:RYL) and Hovnanian Enterprises (NYSE:HOV). So, it should be no surprise that the IPO market will also see action from homebuilders. In fact, in early December, homebuilder Taylor Morrison Home filed for a public offering.
Tom Taulli runs the InvestorPlace blog IPO Playbook, a site dedicated to the hottest news and rumors about initial public offerings. He is also the author of “How to Create the Next Facebook” and “High-Profit IPO Strategies: Finding Breakout IPOs for Investors and Traders.” Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.