The master planned communities, called Second Creek Farm and Buffalo Highlands, cover 700 acres and are approved for 2,500 residential units and 27 acres of retail development. The projects were sold individually, with Second Creek PUD purchased in whole by a local developer and Buffalo Highland’s first phase of 300 lots purchased by national homebuilders’ Meritage Homes and Lennar Homes. The properties have sat vacant since the economic downturn but reinvigorated plans and increasing demand for new homes in the airport area of Denver will see the projects break ground in 2017 and develop over many years.
Scott Schorling, President of Residual Group represented the Sellers in both projects remarks, “In spite of an ever-challenging development climate, which includes rising development costs, strict water and transportation agreements, and a short-lived moratorium on metro district financing last year, the developers persevered and will soon bring much needed entry-level housing to the Denver market.”
Both communities are carefully planned to balance new homes with parks, trails and open space. Apartments and a grocery-anchored retail center at the corner of Tower Road and 96th Ave will serve the growing community in the years to come. “The airport area has become an increasingly attractive submarket for residents seeking thoughtfully planned communities at attractive prices near bustling new employment centers like the Panasonic campus, Amazon distribution center and Gaylord Resort Development.” Recent transportation improvements like the widening of Tower Road, the new bridge at 96th Ave and commuter rail line from the airport to Union Station were critical to convincing investors to get to the closing table.
Residual Group is a land development specialty brokerage firm in Colorado, building a reputation for unparalleled customer service, creativity and professionalism. The firm contributes 10% of their revenue to the local communities they serve through their First10 Initiative. Benefit partners for this sale include the Almost Home Foundation, Safe to Tell, and the Brighton J27 School District. For further information regarding the transaction, please contact Scott Schorling at Residual Group at (303) 500-3419.