The Archdiocese of Denver has purchased a 44.1-acre parcel of land in Johnstown and plans to construct a 450-student Catholic high school along with a chapel, athletic field and gymnasium.
Scottsdale, Arizona-based real-estate investor, developer and manager Caliber Cos. (Nasdaq: CWD) announced the $7.7 million sale Tuesday.
The property at U.S. Highway 34 and Colorado Boulevard was part of an approximately 190-acre parcel purchased in June 2021 by a Caliber-sponsored single-asset syndication, Encore FundCo LLC, for $7.67 million. Since that time, pre-development work has been conducted on the land. Construction on the remaining portion of the larger parcel is expected to begin by the middle of this year and include multifamily, retail and industrial development.
The area is part of Caliber’s Johnstown Development, an approximately 750-acre master-planned, mixed-use project.
“This transaction is another meaningful milestone in the development of a vibrant Johnstown community,” Roy Bade, Caliber’s chief development officer, said in a prepared statement. “We are seeing an acceleration in development activity in Northern Colorado, which continues to attract increased investment, new commerce and more people. Caliber was early to recognize the emerging growth in this area and we continue to leverage these investment opportunities to optimize returns for our investors.”
Ryan Schaefer, Jake Hallauer and Lauren Larsen of Fort Collins-based NAI Affinity served as the seller’s representatives on the transaction.
“This private Catholic high school is going to be a wonderful addition to the Encore master-planned community, the Town of Johnstown and Northern Colorado as a whole,” Schaefer, CEO of NAI Affinity, said in a news release. “Similar to patients coming to Medical Center of the Rockies or customers visiting Scheels, students and their families will travel from around the region to be here, solidifying Encore as the next great place to be in Northern Colorado. “Congratulations on this exciting milestone to Caliber, Johnstown, the Archdiocese of Denver and all the local church leaders, donors and parishioners who made this possible.”
This transaction, which was executed in April, is the fourth property sale completed by Caliber and its managed funds in Northern Colorado since the end of 2023. The firm previously announced the sales of South Ridge, and Areas B and C of The Ridge development, a total of approximately 120 acres, for nearly $20 million.
Caliber and its investors own approximately 570 acres in the area encompassing six different projects in various stages of the development process. The master-planned community, which has been under development since 2017, will feature multiple new neighborhoods, with approximately 600 new single-family homes and 1,200 multi-family housing units, as well as community parks and commercial, retail, hospitality and industrial space.
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