Caliber Completes Sale of South Ridge Land Parcel in Johnstown, Colorado
January 30 2024 - 8:30AM
Business Wire
Buyer plans to develop 300+ single-family
home lots
Caliber (NASDAQ: CWD), a real estate investor, developer, and
manager, today announced the sale of South Ridge, an 80-acre parcel
of land in Johnstown, Colo., to Journey Homes for $7.6 million.
Caliber purchased the land in September 2021 for $5.38 million as
part of its Johnstown Development, an approximately 750-acre
master-planned, mixed-use development project. The firm launched a
single asset debt offering alongside a land loan secured by
Guaranty Bank to fund the acquisition and infrastructure
development of the land. After fees and other expenses, the sale is
expected to generate an unlevered internal rate of return of
approximately 22.9 percent for the project. Caliber earned
approximately $1.5 million in profit-sharing interests from the
sale of the property and fees earned throughout the life of the
project.
Located at 2279 South County Road 3 East, in Johnstown, the land
sale was completed in December 2023. Journey Homes plans to develop
305 single family home lots on the land, which is situated directly
south of Caliber’s Ridge development.
Caliber’s developments in Northern Colorado are situated within
the triangle of Fort Collins, Loveland and Greeley at the
intersection of I-25 and Freedom Parkway (Highway Road 402).
Caliber and its investors currently own approximately 750 acres in
the area encompassing six different projects in various stages of
the development process. The master-planned community, which has
been under development since 2017, will feature multiple new
neighborhoods, with approximately 600 new single-family homes and
1,200 multi-family housing units, as well as community parks and
commercial, retail, hospitality and industrial space. It is
expected to bring significant new economic activity and
opportunities to this rapidly growing area.
“Johnstown is one of the fastest growing communities in
Colorado, due in part to the high quality of life and a very
engaged group of local officials and community leaders,” said Roy
Bade, Chief Development Officer of Caliber. “The sale of the South
Ridge property will accelerate the development of new housing
options to meet the growing need in the Northern Colorado area.
This transaction also demonstrates the value of Caliber’s
investment platform for investors seeking alternatives in the
marketplace. It is a testament both to Caliber’s capabilities and
to the promise of the Johnstown Development that many participants
in the South Ridge deal have reinvested their funds into Caliber’s
Encore development, located near South Ridge.”
Brokers on this transaction were Caliber Realty and NAI
Affinity.
About Caliber (CaliberCos Inc.) (NASDAQ: CWD)
With more than $2.9 billion of managed assets, including
estimated costs to complete assets under development, Caliber’s
15-year track record of managing and developing real estate is
built on a singular goal: make money in all market conditions. Our
growth is fueled by our performance and our competitive advantage:
we invest in projects, strategies, and geographies that global real
estate institutions do not. Integral to our competitive advantage
is our in-house shared services group, which offers Caliber greater
control over our real estate and visibility to future investment
opportunities. There are multiple ways to participate in Caliber’s
success: invest in Nasdaq-listed CaliberCos Inc. and/or invest
directly in our Private Funds.
Forward-Looking Statements
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are subject to substantial risks and uncertainties. All statements,
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current expectations and are subject to inherent uncertainties,
risks and assumptions that are difficult to predict. Further,
certain forward-looking statements are based on assumptions as to
future events that may not prove to be accurate. These and other
risks and uncertainties are described more fully in the section
titled “Risk Factors” in the final prospectus related to the
Company’s public offering filed with the SEC and other reports
filed with the SEC thereafter. Forward-looking statements contained
in this announcement are made as of this date, and the Company
undertakes no duty to update such information except as required
under applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240130556116/en/
Caliber: Victoria Rotondo +1 480-295-7600
Victoria.Rotondo@caliberco.com
Media Relations: Kelly McAndrew Financial Profiles +1
310-622-8239 KMcAndrew@finprofiles.com
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