Caliber Completes Sale of Two Additional Land Parcels for Housing Developments in Johnstown, Colorado
2024年4月29日 - 9:30PM
ビジネスワイヤ(英語)
Buyers plan to develop multifamily and
single-family rental units to meet the growing housing
demand in the area
Caliber (NASDAQ: CWD), a real estate investor, developer, and
manager, today announced the sale of Areas B and C of The Ridge
development, each approximately 20-acre parcels of land in
Johnstown, Colo., for an aggregate $12.3 million. These are the
second and third land sales Caliber has completed in the area for
housing development in the past few months as the firm previously
announced the sale of South Ridge, an 80-acre parcel of land in
Johnstown to Journey Homes for $7.6 million.
After fees and other expenses, the sale of The Ridge’s Area B is
expected to generate an unlevered internal rate of return of
approximately 19.5% for the project, and for Area C, an unlevered
internal rate of return of approximately 6.9%. Caliber’s Funds,
along with Caliber, will receive approximately $2.1 million in net
profit from the sales along with a return on invested capital of
approximately $9.3 million.
Caliber sold Area B of The Ridge to DR Horton (aka Melody Homes,
LLC) for $7.1 million. Located near East County Road 18 and South
County Road 3E, DR Horton plans to develop lots for approximately
80 single-family lots on the parcel. Caliber sold Area C, located
near County Road 16 and Frontage Road, for $5.2 million to Journey
Homes, which has announced plans for a multifamily development with
about 378 units. These 20-acre parcels are part of the 260-acre
plot of land originally purchased by Caliber in June 2017 for $7.2
million as part of its Johnstown Development, an approximately
750-acre master-planned, mixed-use development project.
“We are very pleased with the recent acceleration in development
projects in Johnstown,” said Roy Bade, Chief Development Officer of
Caliber. “While development seemed to slow last year amid rising
interest rates and a contraction in available capital, we view our
recent land sales in Johnstown as a very positive sign that strong
projects are moving forward once again. Each of these sales will
bring much needed housing options to the Johnstown area, which
continues to be one of the fastest growing communities in Colorado.
These transactions further demonstrate Caliber’s expertise in
identifying attractive alternative investment opportunities and
unlocking their value to maximize returns for our investors.”
The Ridge is part of the Caliber Diversified Opportunity Fund II
LP. Caliber is continuing to develop the remaining parcels of land
within The Ridge for residential, retail and mixed-use development.
Caliber’s developments in Northern Colorado are situated within the
triangle of Fort Collins, Loveland and Greeley at the intersection
of I-25 and Freedom Parkway (Highway Road 402). Caliber and its
investors currently own approximately 570 acres in the area
encompassing six different projects in various stages of the
development process. The master-planned community, which has been
under development since 2017, will feature multiple new
neighborhoods, with approximately 600 new single-family homes and
1,200 multi-family housing units, as well as community parks and
commercial, retail, hospitality and industrial space. It is
expected to bring significant new economic activity and
opportunities to this rapidly growing area.
The broker on this transaction was NAI Affinity of Northern
Colorado.
About Caliber (CaliberCos Inc.) (NASDAQ: CWD)
With more than $3.1 billion of managed assets, including
estimated costs to complete assets under development, Caliber’s
15-year track record of managing and developing real estate is
built on a singular goal: make money in all market conditions. Our
growth is fueled by our performance and our competitive advantage:
we invest in projects, strategies, and geographies that global real
estate institutions do not. Integral to our competitive advantage
is our in-house shared services group, which offers Caliber greater
control over our real estate and visibility to future investment
opportunities. There are multiple ways to participate in Caliber’s
success: invest in Nasdaq-listed CaliberCos Inc. and/or invest
directly in our Private Funds.
Forward-Looking Statements
This press release contains “forward-looking statements” that
are subject to substantial risks and uncertainties. All statements,
other than statements of historical fact, contained in this press
release are forward-looking statements. Forward-looking statements
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“potential,” “predict,” “project,” “target,” “aim,” “should,”
“will” “would,” or the negative of these words or other similar
expressions, although not all forward-looking statements contain
these words. Forward-looking statements are based on the Company’s
current expectations and are subject to inherent uncertainties,
risks and assumptions that are difficult to predict. Further,
certain forward-looking statements are based on assumptions as to
future events that may not prove to be accurate. These and other
risks and uncertainties are described more fully in the section
titled “Risk Factors” in the final prospectus related to the
Company’s public offering filed with the SEC and other reports
filed with the SEC thereafter. Forward-looking statements contained
in this announcement are made as of this date, and the Company
undertakes no duty to update such information except as required
under applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240429688319/en/
Caliber: Victoria Rotondo +1 480-295-7600
Victoria.Rotondo@caliberco.com
Media Relations: Kelly McAndrew Financial Profiles +1
310-622-8239 KMcAndrew@finprofiles.com
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