UNC Foundation sells 63-acre parcel in west Greeley slated for home development

GREELEY — The University of Northern Colorado Foundation has sold off the 63.5 acres of land slated for a new housing development to a California-based land developer.

The Foundation sold the property just east of Northridge High School to a subsidiary of Arbor Capital Partners LLC for $7.03 million, according to Weld County property records. The deal closed on July 24.

The future neighborhood, dubbed Northridge Estates, has already been approved as the future site of 230 single-family homes.

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Arbor Capital CEO Jim Righeimer said his firm made the purchase and will develop infrastructure for the neighborhood, but homebuilding giant D.R. Horton Inc. (NYSE: DHI) will handle construction of the 263 homes already approved in that area.

It is unclear when D.R. Horton plans to begin construction on the vacant land. The company did not respond to a request for comment Wednesday.

D.R. Horton is also building south of Greeley as a partner for the planned 324-acre The Ridge master-planned community in Johnstown.

Arbor Capital is currently involved in the construction of 1,486 detached and duplex homes across multiple developments in Berthoud, Timnath and Loveland.