Construction underway on 440-home Heritage Ridge development in Berthoud

BERTHOUD — Construction has begun on the first phase of Heritage Ridge, an approximately 440-unit residential development with single-family homes and townhomes on about 150 acres in Berthoud.

Private-equity and real estate development firm Arbor Capital Partners is developing the property that is west of the Burlington Northern Railroad and south of Spartan Avenue.

Last month, Newport Beach, Calif.-based Arbor Capital Partners acquired 79.8 acres of land at 417 CR 15 from the Edward Davis/Virginia Schleiger Living Trust for $1.3 million, adding to the 69 acres it acquired from the trust in 2015 for $1.5 million.

SPONSORED CONTENT

Empowering communities

Rocky Mountain Health Plans (RMHP), part of the UnitedHealthcare family, has pledged its commitment to uplift these communities through substantial investments in organizations addressing the distinct needs of our communities.

Last year, the Megary Group led by Harry Hoffman was the initial developer of the project and had the 69 acres under contract, but he later worked out a deal that allowed Arbor Capital, which was going to be an investment partner, to buy the property and take over development.

Homebuilder Saint Aubyn Homes based in Colorado Springs recently purchased 35 of the 170 single-family lots set for phase one of the project that takes up the west half of the 150 acres. Saint Aubyn Homes paid Arbor Capital Partners $2.3 million for the lots, according to public records.

Lee Lowrey, Arbor Capital’s co-founder, said Saint Aubyn will close on 22 more lots next week. He said Orange Park, Fla.-based homebuilder Dream Finders Homes has 31 lots under contract.

Lowrey said 10 homes have been sold. “Berthoud is a beautiful town, and the demand for homes is there,” he said.

Curt Freese, Berthoud’s community development director, said Arbor Capital submitted preliminary plans for the second phase about three weeks ago. Plans, which could change slightly, call for 229 single-family homes and 92 townhomes. Plans include a clubhouse and a park that will be maintained by a metro district made up of Heritage Ridge homeowners.

Travis Ackerman and Nate Heckel of Cushman & Wakefield represented the seller while Arbor Capital Partners represented itself on the most recent land sale.