The price of the transaction was not disclosed, and the records of the transaction have yet to appear on the Broomfield Recorder’s Office website.
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.
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 open for sale in May 2013 with the opening of its model home park in January 2014.
Toll Brothers purchased the lots from Wheelock Street Capital and Oread Capital & Development. The companies acquired the Anthem Colorado property in December 2011 from Pulte Homes for a reported $28 million.
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.
Oread Capital & Development is a Denver-based private real estate development and management company, founded and managed by Jeff Handlin. Wheelock Street Capital is based in Greenwich, Connecticut and Boston.