PulteGroup Sells Select Colorado Land Assets Wheelock Street Capital Acquires Remaining Lots at Anthem Highlands and Anthem Ranch Communities
BLOOMFIELD HILLS, Mich., Dec. 29, 2011 /PRNewswire/ -- PulteGroup, Inc. (NYSE: PHM), announced today that it has completed the sale of land approved for approximately 1,500 residences in Broomfield, Colorado to Wheelock Street Capital LLC, a private real estate investment firm.
The all-cash transaction is for the remaining developed lots and undeveloped land in Anthem Colorado, a 1,700-acre master planned community in the northwest Denver metro area. The master plan includes the communities of Anthem Ranch and Anthem Highlands. Terms and conditions of the transaction were not disclosed. PulteGroup will not realize a material loss or gain on this land sale.
"We are very proud of the Anthem Highlands and Anthem Ranch communities, which are known for their spectacular array of amenities and for being a great place to call home," said Patrick Beirne, PulteGroup West Area President. "This sale is consistent with PulteGroup's capital allocation strategy and overall focus on driving greater returns on invested capital."
Beirne said PulteGroup is confident that Wheelock's financial strength and understanding of master-planned community development will contribute to Anthem's continued long-term success. "We've enjoyed working with Wheelock on this complex transaction and have been impressed with their professionalism and the quality of their team," Beirne said.
Wheelock Principal Dan Green said that his firm recognized the extraordinary care with which Anthem Colorado had been planned and created. "We want to continue making Anthem the best place to live in the Front Range. And we look forward to working with builders eager to be part of this very popular community."
Green said that Wheelock's Denver partner, Jeff Handlin of Oread Capital and Development, would manage Anthem's future development.
PulteGroup will maintain local customer service teams at Anthem and continue to provide warranty service to its current homeowners.
About PulteGroup, Inc.
PulteGroup, Inc. (NYSE: PHM), based in Bloomfield Hills, Mich., is one of America's largest home building companies with operations in approximately 60 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes and Del Webb, the company is one of the industry's most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup conducts extensive research to provide home buyers with innovative solutions and new homes designed for the way people actually live today. As the most awarded home builder in customer satisfaction, PulteGroup brands have consistently ranked among top home builders in third-party customer satisfaction studies.
About Wheelock Street Capital LLC
Wheelock Street Capital LLC is a private real estate investment firm founded in 2008 by Merrick R. Kleeman and Jonathan H. Paul and headquartered in Greenwich, CT and Boston, MA. Backed by established institutional capital, Wheelock closed its latest investment fund in November 2011. The company focuses on real estate investments throughout North America and will invest in both public and private market opportunities and in all parts of the capital structure. In the past two years the firm has acquired more than 10,000 residential lots within master-planned communities in Texas, Florida and North Carolina. Wheelock has deep internal operational and management capabilities in residential real estate development and works with local partners who are land development and homebuilding industry veterans. For further information about Wheelock Street Capital, see www.wheelockst.com.
SOURCE PulteGroup, Inc.