JEN Colorado, an affiliate of JEN Partners, has acquired a 1,333-acre property south of Denver in Parker, Colo. from Stroh Ranch Development for $41 million. The developer plans to turn the southern half of what was once Stroh Ranch, now known as Hess Ranch, into Parker’s first large-scale master-planned community.

The property is currently zoned for 2,489 residential units, 1.25 million square feet of commercial development, and over 300 acres of parks and open space. Infrastructure work is expected to begin soon. Residential development will come next, followed by residential and commercial development. Plans include spaces for 11 new schools.

“The greater Denver market is coming into focus for large master-planned community developments,” said Stew Mosko of Cushman & Wakefield, who represented the seller in the transaction. “The existing stock of housing opportunities is struggling to keep pace with growth, thereby proving ample demand for thoughtful new residential communities. JEN Colorado will be able to fill a space our market desperately needs.”

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