Home builder Blu Homes raises $65 million

VALLEJO -- Blu Homes, a prefabricated home builder with a 250,000-square-foot manufacturing facility on Vallejo's Mare Island, on Tuesday said it raised another $65 million from current and new investors.

[caption id="attachment_45128" align="alignright" width="300"] This cavernous former submarine periscope shop on Mare Island in Vallejo is now tooled to produce fold-out panelized steel homes. (Blu Homes photo)[/caption]

The funding, part of $134 million raised from investors since the company's founding in 2007, will help construct between 15 and 20 display homes throughout the U.S., according to the company.

The first two homes, which will open for tours in Los Angeles and Mare Island later this year, are currently under construction. Homes are also slated for the South Bay area, Seattle, Denver, New York and Boston.

Blu Homes (bluhomes.com, 866-887-7997) did not disclose the names of new institutional investors, but a company spokeswoman acknowledged that a current investor, Skagen Group, was involved in the latest round of funding. The Netherlands-based company had been a lead investor in Blu's $60 million first round of institutional funding, announced in September of last year.

"We're extremely proud of the sales momentum we have built to date with only limited access to model homes," said Brett Chisholm, senior vice president, in the announcement.

Sales of the fold-out, efficiency and design-oriented homes have been rising around the country, but the North Bay has played host to at least two notable installations. Most recently, the company announced that it would construct homes for a 14-unit affordable housing development in Novato, called Oma Villiage. Blu Homes also constructed Sunset Magazine's 2012 "Idea House" in Healdsburg.

The company, which has headquarters in San Francisco and Waltham, Mass., opened its Vallejo facility in late 2011.

 

Correction, June 26, 2013: Blu Homes has raised approximately $134 million from investors to date. A previous version of this story had incorrect information.


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