Caliber sells off 40 acres in The Ridge to homebuilders
JOHNSTOWN — CaliberCos. Inc. (Nasdaq: CWD) recently sold two parcels within The Ridge, one of the Arizona-based developer’s projects in Johnstown, to a pair of homebuilders for a total of $12.3 million.
DR Horton Inc. (NYSE: DHI) bought a 20-acre parcel near East Larimer County Road 18 and South Larimer County Road 3E for $7.1 million and plans to build about 80 single-family lots.
Journey Homes purchased a 20-acre property on Larimer County Road 16 for $5.2 million and plans to build a multifamily project with about 378 units.
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NAI Affinity brokered the deal.
“We are very pleased with the recent acceleration in development projects in Johnstown,” Caliber chief development officer Roy Bade said in a prepared statement. “While development seemed to slow last year amid rising interest rates and a contraction in available capital, we view our recent land sales in Johnstown as a very positive sign that strong projects are moving forward once again. Each of these sales will bring much needed housing options to the Johnstown area, which continues to be one of the fastest growing communities in Colorado. These transactions further demonstrate Caliber’s expertise in identifying attractive alternative investment opportunities and unlocking their value to maximize returns for our investors.”
Caliber said the company “will receive approximately $2.1 million in net profit from the sales along with a return on invested capital of approximately $9.3 million.”
Caliber controls about 750 acres in Johnstown, where it is building several master-planned communities including The Ridge and Encore. At buildout, Caliber’s projects could bring 8,000 to 10,000 new residents to the town, company officials told BizWest in an early 2024 interview.While it regularly sells off portions of its holdings to homebuilding-partners, Caliber is also adding to its land portfolio. The company purchased 105.79 acres north of Colorado Highway 402 and west of Interstate 25 that had been owned by Mountain View Farms Inc. this month. The property, which includes multiple farm buildings, bins and the farm house, sold for $14 million. The sale did not include mineral rights or water rights.
Editor’s note: This article has been corrected to reflect the properties’ location in Larimer County, not Weld County.