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QUADRANT HOMES TO ENTER CLARK COUNTY
AND GREATER PORTLAND MARKETS
- Washington's largest homebuilder acquires land from Vancouver, Wash.-based Holt Homes
BELLEVUE, WA – October 4, 2005
Quadrant Homes, Washington state's largest single-family homebuilder, announced that it will be expanding its business into the Clark County and greater Portland regions following a strategic agreement with Vancouver, Wash.-based developer Holt Homes. Quadrant has entered into agreements to purchase, and has acquired options to purchase, residential lots from Holt Homes to develop several new home communities located in the greater Portland-Clark County area, with home sales expected to begin in early 2007.
“Quadrant's expansion into these promising new markets represents a natural progression in our goal to provide even more homebuyers with high quality and affordable homes that offer more space, more choice and more value for less money,” said Peter Orser, president of Quadrant Homes.“We've built a solid reputation in Washington based on our innovative homebuilding approach and longstanding commitment to environmentally responsible building practices, and are looking forward to carrying these same values into our new communities.”
Quadrant Homes will control nearly 1,000 lots in Clark County and the greater Portland area as part of its strategic partnership with Holt Homes, and Holt Homes will continue to explore additional land development opportunities as Quadrant extends its long-term presence in the greater Portland-Clark County market.
“Although Quadrant Homes may not be a household name in the area yet, the company's unprecedented success as the top homebuilder in Washington is a real testament to their ability to meet homebuyers needs without sacrificing quality,” said Greg Kubicek, president of Holt Homes.
Quadrant's popularity with homebuyers in Washington's greater Seattle region has resulted in six new homes built every working day, and the company's goal is to leverage this growing momentum by extending their homebuilding operations to the Clark County and greater Portland markets. Quadrant homes are pre-sold and built using a best practice "even flow building" approach, which allows Quadrant to build homes more efficiently with a predictable schedule and pass the resulting cost savings on to the customer.
Quadrant pioneered the Puget Sound region's "Built Green" program to promote environmentally friendly homebuilding practices, and will employ the same rigorous green building standards in its new markets that have earned the company a 3-star Built Green certification from Washington state's Master Builders Association of King and Snohomish Counties. Every Quadrant home is built green using state-of-the-art construction methods to conserve energy, improve air quality, conserve water, recycle materials and preserve natural resources. Quadrant has also been named an ENERGY STAR partner homebuilder.
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ABOUR QUADRANT HOMES
Quadrant Homes, a subsidiary of Weyerhaeuser Real Estate Company, is Washington State's largest single-family homebuilder. The company was recently named "Builder of the Year" by the Master Builders Association of King and Snohomish Counties and a "Best Place to Work" by Washington CEO magazine. In addition, Quadrant earned a 3-star rating from the Master Builders Association for the company's commitment to environmentally responsible "Built Green" homebuilding practices and was also recently recognized by the Environmental Protection Agency as an Energy Star qualified builder. Now in its 36th year, Quadrant Homes is currently building or developing in Pierce, King, Snohomish, Kitsap, Skagit and Thurston Counties. For more information, visit Quadrant's Web site at www.quadranthomes.com.
This news release contains statements concerning the company's future performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, some of these forward-looking statements deal with expectations regarding expansion into new markets, expected home sales in 2007 and similar matters. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, including the level of interest rates and housing starts; market demand for the company's products, which may be tied to the relative strength of various U.S. business segments; the successful execution of internal performance plans; the level of competition from domestic competitors; the effect of land use, environmental and other governmental regulations; fires, floods and other natural disasters; and legal proceedings.
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