Shea Homes purchases 1,270 acres for 2,000 single- and multifamily homes in Canyon Ranch, south of Denver and North of Colorado Springs.

Shea Homes is upping its ante in the Denver to Colorado Springs corridor, recently completing a land deal for 1,270 acres, aimed for 2,000 single- and multifamily homes from a variety of builders, nearly doubling the size of the city of Castle Pines, Colo.

CBS News Channel 4 in Denver reports on the acquisition, which Shea announced Dec. 29 on its own site here.

The Shea posting notes the following key data points on the deal:

[Shea] will oversee the development of a new master-planned residential community, which, at build-out, will feature 2,000 single and multi-family homes from a variety of builders. Shea Homes, which expects to invest $75,000,000 in the community over the next four years, worked with Denver-based Oread Capital & Development in purchasing the land from the Alpert family through North Canyons, LLLP, which retains ownership of the balance of the 3,343-acre project.

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