Residential investment firm furthers presence in flourishing mountain west housing market; forms second joint venture with leading Colorado-based homebuilder to bring more new homes to Denver region.
AURORA, Colo. and NEWPORT BEACH, Calif. (December 9, 2021) – IHP Capital Partners, one of the nation’s leading real estate investment firms, and Berkeley Homes, a Colorado-based homebuilder, have formed a joint venture (JV) for the acquisition and development of 43 single-family lots within the Painted Prairie masterplan in Aurora, Colorado. The JV purchased the lots in “finished” condition and plans to begin home construction in Q1 2022. Home sales are anticipated to begin Q4 2022.
“IHP Capital Partners is excited to partner with Berkeley Homes again in 2021 and bring more beautiful new residences to the Denver region in the coming year,” said Jeff Enes, senior vice president at IHP Capital Partners. “Employment within Denver’s MSA continues to expand, and new home inventory is undersupplied based on current sales volume. The skilled teams at IHP and Berkeley Homes analyzed the success of Painted Prairie’s phase one and the surrounding competitive market area to create new homes that are attractive to buyers in design and price and deliver them to the market in a relatively short timeframe.”
The JV will be constructing two-story alley-loaded homes on the 43 lots, which measure 34-feet wide by 105-feet deep. Designed by Godden Sudik Architects, the homes will reflect a modern farmhouse and prairie aesthetic. The three- and four-bedroom floorplans range in size from 1,742 square feet to 2,426 square feet and will include a two- or three-car garage. Available options include an outdoor patio, recreation room, basement and additional bedrooms.
Home prices are to be announced in 2022 and will target the $500,000 to $750,000 range where nearly 40% of resale transactions have occurred in Q1 2021, amid remarkably low inventory at 0.25 months of supply.
Painted Prairie is a 628-acre mixed-use, neo-traditional designed community that, once complete, will be comprised of approximately 3,000 homes, a town center, a 22-acre central park and several pocket parks. The masterplan is designed by Peter Calthorpe, the new urbanist architect who previously designed Central Park Denver. The 43 lots are interspersed throughout phase 2 of Painted Prairie, which includes an intermixing of residential lot types and higher-density product. Successfully received by homebuyers thus far, approximately 500 homes within Painted Prairie have sold during the past 20 months over six projects.
Painted Prairie is located in north Aurora, along Himalaya Street between East 64th Avenue and East 56th Avenue. The community is located four miles southwest of the Denver International Airport, sixteen miles northeast of downtown Denver and three miles north of the I-70 freeway. The Gaylord Rockies Resort and Convention Center is adjacent to the north of the masterplan. The site is bordered to the south by the built-out Green Valley Ranch masterplan community, established residential to the west, and vacant land planned for residential development to the east.
Amenities within Painted Prairie include the 22-acre High Prairie Park and eight pocket parks dotted throughout the community. There are several community gardens where residents can plant their own produce, miles of adjacent trails for hiking and biking and whimsical, environmentally inspired playgrounds. The community offers sweeping mountain vistas, in addition to views of Denver’s skyline and the prairie dunes.
“The Denver housing market continues to perform, and Berkeley Homes is elated to have secured lots within Painted Prairie, a well-designed community set against the picturesque backdrop of the Rocky Mountains,” said Jeff Willis, president of Berkeley Homes. “This project represents an opportunity to secure builder-ready lots and showcase our capabilities in bringing much-needed and highly sought new homes to the mountain west region. IHP is a proven strategic partner, and we are pleased to have them on our team for this and future projects down the road.”
IHP established its first JV partnership with Berkeley Homes in the summer of 2021 when the two firms together acquired finished lots for the development of a new three-story detached, single-family home community within the Baseline master plan in Broomfield, Colo. The JV is currently underway on the first phase, or 40 homes, of the 160-home project. Home sales are on track to open in Q3 2022 with the commencement of model homes in Q2 2022.
“Berkeley Homes is an experienced Denver-based homebuilder that continues to execute. With our second project now in the works, IHP is looking forward to continuing our momentum together in the future,” added Enes.
As a strategic partner for developers and homebuilders throughout the western U.S., IHP is currently underway on more than 37 residential projects across California, Colorado, Arizona, Utah, Oregon, Washington, Nevada and Texas.
IHP Capital Partners is one of the nation’s leading real estate investment firms. The company facilitates a path to success for its investor and development partners by providing equity for residential projects throughout the country, with a focus on the western U.S. A tactical partner and trusted fiduciary for nearly 30 years, IHP’s track record is built on experience, expertise and long-term sustained partnerships with well-known institutional investors and a wide range of the industry’s most notable builders and developers. For more information, visit IHPInc.com. Follow the company on LinkedIn.
Berkeley Homes is an unapologetically local Colorado company, that has spent more than 30 years creating exceptional homes for the Denver community it calls home. Because Berkeley Homes answers directly to its customers, rather than a corporate office in another state, it is committed to delivering fresh home designs by award-winning local architects, quality construction practices, a higher level of standard finish and a customer-centric buying process. For more information, visit www.liveberkeley.com.