Toll Brothers pays $4.7 million for 40 lots
The 40 lots mark the first phase of its work in the north Broomfield residential development. The company announced March 7 it has committed to purchase 387 lots in Anthem Ranch, an "active-adult" residential development.
The initial takedown of finished and unfinished lots will be the first of several Toll Brothers makes as it builds out its portion of the development, according to Jeff Handlin, founder and manager of Oread Capital & Development. Oread Capital and Wheelock Street Capital owned the property.
Handlin declined to discuss specifics of the deal, but said the land includes finished and unfinished lots and land in Anthem's Filing 22 that has yet to be platted.
Toll Brothers (NYSE: TOL) is based in Horsham, Pennsylvania, and has created 50 active-adult communities in 10 states since 1999, a release from the company said.
Wheelock Street Capital and Oread Capital & Development acquired the Anthem Colorado property in December 2011 from Pulte Homes for a reported $28 million.
Oread Capital & Development is a Denver-based private real estate development and management company. Wheelock Street Capital is based in Greenwich, Connecticut, and Boston.
Oread and Wheelock already have sold off subdivisions to homebuilders including Richmond American, Ryland Homes and Standard Pacific. Handlin said the developers likely will sell off parts of the Anthem development to builders over the next seven to nine years, depending on market conditions.
Toll Brothers' neighborhoods will be branded "Anthem Ranch by Toll Brothers," and homes will range from 1,500 to 3,000 square feet with base home prices from the low $300,000s to the upper $400,000s. Toll Brothers expects to begin sales in May, with the opening of its model home park scheduled for January.
Pulte planned and started the 1,777-acre community near the intersection of Lowell Boulevard and Colorado Highway 7 in 2006. As many as 3,500 homes can be built in Anthem Ranch and Anthem Highlands, an adjoining community that is not age restricted. Nearly 1,400 homes have been built so far, and the development is expected to be built out within six to 10 years, according to the release.
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