IHP Capital Partners and Berkeley Homes, a Colorado-based home builder, have formed a joint venture for the acquisition and development of 43 single-family lots within the Painted Prairie master plan in Aurora, Colorado.
The joint venture purchased the lots in “finished” condition and plans to begin home construction in Q1 2022, with home sales anticipated to begin in 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,” says Jeff Enes, senior vice president at IHP Capital Partners. “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 time frame.”
The joint venture will be constructing two-story, alley-loaded homes on the 43 lots. Designed by Godden Sudik Architects, the homes will reflect a modern farmhouse and prairie aesthetic. The three- and four-bedroom floor plans range in size from 1,742 to 2,426 square feet and will include a two- or three-car garage. Available options include an outdoor patio, a recreation room, a basement, and additional bedrooms. Home prices are to be announced in 2022 and will target the $500,000 to $750,000 range.
Painted Prairie is a 628-acre community in north Aurora that, once complete, will be comprised of approximately 3,000 homes, a town center, a 22-acre central park, and several pocket parks. The master plan is designed by Peter Calthorpe, the new urbanist architect who previously designed Central Park Denver, and is located 4 miles southwest of the Denver International Airport, 16 miles northeast of downtown Denver, and 3 miles north of the I-70 freeway.
The 43 lots are interspersed throughout phase two of Painted Prairie, which includes an intermixing of residential lot types and higher-density product. Successfully received by home buyers thus far, approximately 500 homes within Painted Prairie have sold during the past 20 months over six projects.
“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,” says 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.”