Real Estate & Construction  November 30, 2015

Louisville-based Elacora buys 88 lots in Longmont’s Provenance development

LONGMONT — Elacora, the home-building arm of Louisville-based investment firm Real Capital Solutions, closed this month on the purchase of 88 lots in Longmont’s Provenance neighborhood from home-builder Lennar.

Elacora, which aims to begin construction on the first homes in February, paid $3.256 million for the lots, according to Boulder County property records. Lennar retains ownership of the other 138 lots in Provenance, which gained development approval from the city in 2013. The neighborhood sits along the east side of Sundance Drive and south of Colorado Highway 66 in the northeast corner of Longmont.

Elacora vice president Brian Mulqueen said Monday that Provenance includes a combination of mostly 50- and 60-foot-wide lots. Elacora purchased the larger lots, which lie mostly along the east and south sides of the development. The company is partnering with Denver-based Mountain Vista Homes on the project.

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“We were drawn to this location because it’s kind of an exceptional land plan the way it’s laid out,” Mulqueen said, noting that most of the homes in the neighborhood back to greenbelts.

Elacora’s homes will be 50 feet wide and feature three-car garages. Three ranch-style floor plans and two two-story plans will be available, ranging in size from 2,200 square feet to roughly 3,100 square feet, plus unfinished basements that can be finished as an option. Homes will mostly include three and four bedrooms, and base pricing will start in the low $400,000s range. The first completed homes are expected to be move-in ready in September.

Proximity to Boulder and Interstate 25 were also draws for Elacora.

“We think it’s a nice spot and there’s not much supply of new homes in this part of Longmont,” Mulqueen said.

Real Capital Solutions got into the home-building business in 2009 with various private-equity deals before forming Elacora in 2013. Elacora began building homes last year, and has neighborhoods in California and Florida in addition to Colorado. The company’s other Colorado neighborhoods include The Overlook at Wheatlands in Aurora, The Peaks at Riverdale in Thornton, and Parkview at Brighton East.

LONGMONT — Elacora, the home-building arm of Louisville-based investment firm Real Capital Solutions, closed this month on the purchase of 88 lots in Longmont’s Provenance neighborhood from home-builder Lennar.

Elacora, which aims to begin construction on the first homes in February, paid $3.256 million for the lots, according to Boulder County property records. Lennar retains ownership of the other 138 lots in Provenance, which gained development approval from the city in 2013. The neighborhood sits along the east side of Sundance Drive and south of Colorado Highway 66 in the northeast corner of Longmont.

Elacora vice president Brian Mulqueen said Monday that…

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