January 2, 2012

PulteGroup sells stake in Anthem project

BROOMFIELD – The Anthem Highland and Anthem Ranch subdivisions, two of the largest residential developments in the Denver metro area, were purchased by a New England company last week in an all-cash deal property records indicate is worth more than $27.25 million.

Wheelock Street Capital LLC, a private real estate investment firm headquartered in Greenwich, Connecticut, and Boston, Massachusetts, purchased the developed lots and undeveloped land in the Broomfield developments from PulteGroup Inc. The deal was announced Dec. 29.

Bargain and sale deeds filed with the Broomfield Recorder’s Office on Dec. 28 indicate the deal is more than $27.25 million.

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Pulte Home Corp. sold property to WS ACB Development LLC for $20 million and sold property to WS ACB Investments LLC for $7.2 million. Both LLCs were created by Wheelock Street Capital, according to the Secretary of State’s office.

The property sale price was not disclosed in the press release announcing the sale and a spokeswoman for Wheelock Street Capital said the companies had agreed to keep the price private.

The land has been approved for approximately 1,500 homes, the press release said.

The two developments are part of a 1,700-arce master-planned community between the Northwest Parkway and Colorado Highway 7 in north Broomfield.

The project is about half-complete, according to Broomfield Building Department records. Through October, 1,308 certificates of occupancy were issued.

“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,” Wheelock principal Dan Green said in the press release.

Wheelock’s Denver partner, Jeff Handlin of Oread Capital and Development, will manage Anthem’s future development.

Wheelock is involved to projects similar to Anthem in Texas, Florida and North Carolina.

PulteGroup will maintain local customer service teams at Anthem and continue to provide warranty service to its current homeowners, according to the release.

PulteGroup (NYSE: PHM), which is based in Bloomfield Hills, Mich., will not realize a material loss or gain on the land sale, according to the release.

BROOMFIELD – The Anthem Highland and Anthem Ranch subdivisions, two of the largest residential developments in the Denver metro area, were purchased by a New England company last week in an all-cash deal property records indicate is worth more than $27.25 million.

Wheelock Street Capital LLC, a private real estate investment firm headquartered in Greenwich, Connecticut, and Boston, Massachusetts, purchased the developed lots and undeveloped land in the Broomfield developments from PulteGroup Inc. The deal was announced Dec. 29.

Bargain and sale deeds filed with the Broomfield Recorder’s Office on Dec. 28 indicate the deal is more than $27.25 million.

Pulte Home Corp.…

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