PulteGroup sells land assets in Colorado

Bloomfield Hills, Mich.-based PulteGroup has completed the sale of land approved for about 1,500 residences in Broomfield, Colo., to Wheelock Street Capital, a private real estate investment firm.

The transaction is for the remaining developed lots and undeveloped land in Anthem, Colo., a 1,700-acre master planned community in the northwest Denver metro area. The master plan includes Anthem Ranch and Anthem Highlands communities.

Terms of the transaction were not disclosed.

"We are very proud of the Anthem Highlands and Anthem Ranch communities, which are known for their spectacular array of amenities and for being a great place to call home," said Patrick Beirne, PulteGroup West Area president.  "This sale is consistent with PulteGroup's capital allocation strategy and overall focus on driving greater returns on invested capital." 

Wheelock principal Dan Green said that Wheelock's Denver partner, Jeff Handlin of Oread Capital and Development, would manage Anthem's future development.

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