Toll Brothers, Inc. (NYSE:TOL), a leading national builder of luxury homes, announced last Friday that it had contracted to acquire 387 lots at Anthem Ranch, an active adult community in the metro Denver, Colorado market.
The lot acquisition represents Toll Brothers’ first expansion of its active adult brand to the Western U.S. since entering the active adult market in 1999.
“As waves of baby boomers continue to enter their 55+ years, we are expanding our Active-Living brand across the nation,” said Douglas Yearley, Jr., Toll Brothers’ CEO, in a statement.
Anthem Ranch, part of a larger master plan called Anthem Colorado, has about 1,700 homes on an approximately 800-acre site in Broomfield, Colo. Oread Capital and partner Wheelock Street Capital acquired Anthem in 2011 from Del Webb, the community’s initial developer.
Amenities include the 32,000-square-foot Aspen Lodge Community and Recreation Center, a 90-acre park, an outdoor amphitheater, picnic pavilion, multiple fishing lakes and fishing pier. The community is located about 20 minutes from both downtown Denver and Boulder, Colo., with views of the Rocky Mountain and more than 48 miles of walking and hiking trails among 735 acres of preserved open space.
Neighborhoods in the community where Toll Brothers is building will be identified as “Anthem Ranch by Toll Brothers,” the builder announced. Initial plans include offering 12 to 15 different floor plans ranging in size from 1,500 to over 3,000 square feet with base home prices from the low $300,000s to the upper $400,000s, and buyers will have the ability to customize homes with structural and designer options.
Toll Brothers will be buying lots and selling homes in phases, with plans to build new homes as they are sold, according to chief marketing officer Kira Sterling.
“Having built move-up and empty-nester homes in the metro Denver market for over a decade, we believe Anthem Ranch is the ideal location for us to introduce our Active-Living brand in the western United States,” said Charles Bowie, Toll Brothers’ Division President for Colorado.
Toll Brothers expects to open sales in May 2013, with a planned January 2014 opening of its model home park.
Written by Alyssa Gerace