Firm plans to use the 133-acre parcel for residential, commercial, and industrial development
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Caliber (NASDAQ: CWD), a real estate investor, developer, and manager, today announced the purchase of West Ridge, an approximately 133-acre parcel of land in Johnstown, Colo., for an undisclosed price. Caliber launched a single asset syndicate, West Ridge HoldCo, LLC, to purchase the land, which is located at 5531 East Highway 402 in Johnstown and is adjacent to Caliber's Johnstown Development.
Caliber's Johnstown Development in Northern Colorado is 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 570 acres in the area encompassing five 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. Caliber recently sold three parcels of land in Johnstown for approximately $19 million.
Plans for the West Ridge development include dedicated areas for single-family homes, single-family rentals and a multi-family housing development. It will also include commercial use and industrial space. The projected timeline for this project is approximately three years and Caliber is seeking additional investors, partners, and developers who are interested in participating in the project.
As we capitalize on long-standing investments in the Caliber portfolio, we are excited to continue to invest in the region, said Chris Loeffler, Chief Executive Officer of Caliber. Interest in this fast-growing community continues to increase as more businesses move into the area, expanding the need for additional housing options. Caliber and its investors will benefit from the land development opportunity the West Ridge project represents.
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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Caliber:
Victoria Rotondo
+1 480-295-7600
Victoria.Rotondo@caliberco.com
Media Relations:
Kelly McAndrew
Financial Profiles
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Source: Caliber