Caliber Announces the Purchase of West Ridge Land Parcel in Johnstown, Colorado
April 12 2024 - 8:00AM
Business Wire
Firm plans to use the 133-acre parcel for
residential, commercial, and industrial development
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
This press release contains “forward-looking statements” that
are subject to substantial risks and uncertainties. All statements,
other than statements of historical fact, contained in this press
release are forward-looking statements. Forward-looking statements
contained in this press release may be identified by the use of
words such as “anticipate,” “believe,” “contemplate,” “could,”
“estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,”
“potential,” “predict,” “project,” “target,” “aim,” “should,”
"will” “would,” or the negative of these words or other similar
expressions, although not all forward-looking statements contain
these words. Forward-looking statements are based on the Company’s
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/20240412127590/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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