Denver-based Lokal Homes Enter into Land Banking Arrangement with Builder Capital, LLC
Builder Capital, LLC announced today a land banking arrangement with Lokal Homes consisting of 425 lots in the Colorado cities of Aurora, Commerce City and Colorado Springs. Builder Capital, in partnership with affiliates of 400 Capital Management, acquired the portfolio of lots as part of an ongoing strategy to provide capital to production homebuilders for the acquisition and development of single family residential lots nationwide.
The portfolio consists of condominiums, townhomes and single-family lots with half being unfinished lots and half being finished lots. Lokal Homes will develop the lots from Builder Capital on a rolling basis across four highly desirable locations. In Aurora, the Brookhaven and Sorrel Ranch projects are condominium communities attractive to consumers seeking quality new homes at attainable price points in the market. The Buffalo Run project in Commerce City, consists of single-family homes showcasing modern floorplans and offering upgraded option selections. The District at Victory Ridge in Colorado Springs will include attached townhomes that offer close proximity to shopping, dining and numerous outdoor recreation attractions.
“This partnership is a great example of Lokal Homes’ continued pursuit of land opportunities in desirable locations where Colorado consumers continue to strive to realize home ownership,” said Slade Nelson, vice president of Land. “The team at Builder Capital has established a dependable lot banking program and we’re excited to be partnered with them as we continue to grow throughout the Denver Front Range.”
“Builder Capital is thrilled to start a partnership in the growing Western region of the US with a quality builder such as Lokal Homes and delighted to be part of Lokal’s continual growth in the state of Colorado. Builder Capital is actively looking for new land acquisition opportunities nationwide,” said Bill Southworth, managing director of Builder Capital.
Lokal Homes is a Colorado-based homebuilder focused on building condominium, townhome and single family detached housing throughout the front range.