Wheelock Street Capital announced today that it has completed the purchase of land approved for approximately 1,500 residences in Broomfield, Colorado from PulteGroup, Inc. (NYSE: PHM).
The all-cash transaction is for the remaining developed lots and undeveloped land in Anthem Colorado, a 1,700-acre master planned community in the northwest Denver metro area. The master plan includes the communities of Anthem Ranch and Anthem Highlands. Terms and conditions of the transaction were not disclosed.
“We are very proud of the Anthem Highlands and Anthem Ranch communities, which are known for their spectacular array of amenities and for being a great place to call home,” said Patrick Beirne, PulteGroup West Area President. “This sale is consistent with PulteGroup’s capital allocation strategy and overall focus on driving greater returns on invested capital.”
Beirne said PulteGroup is confident that Wheelock’s financial strength and understanding of master-planned community development will contribute to Anthem’s continued long-term success. “We’ve enjoyed working with Wheelock on this complex transaction and have been impressed with their professionalism and the quality of their team,” Beirne said.
Wheelock Principal Dan Green said that his firm recognized the extraordinary care with which Anthem Colorado had been planned and created. "We want to continue making Anthem the best place to live in the Front Range. And we look forward to working with builders eager to be part of this very popular community."
Green said that Wheelock’s Denver partner, Jeff Handlin of Oread Capital and Development, would manage Anthem’s future development.