AHV, McWhinney Partner Up for Colorado BTR Projects
The companies plan to deliver 500 homes at two McWhinney master-planned communities.
AHV Communities and McWhinney are teaming up to develop nearly 500 build-for-rent homes at two McWhinney communities in Colorado. The BFR homes at the 1,100-acre Baseline community in Broomfield, Colo., and at Kinston, within the 3,000-acre Centerra master-planned community in Loveland, Colo., will be the first part of AHV’s expansion in Colorado.
“These are phenomenal master-planned locations being developed by our local land development partner and which are proximal to the trifecta employment engines of Denver, Boulder and Fort Collins. AHV Communities and McWhinney are a natural fit for a partnership and the community locations are strong,” Mark Wolf, founder & CEO of AHV Communities, told Multi-Housing News.
“We bought in Colorado Springs, Colo., earlier this year and are looking to expand along the I-25 from Colorado Springs to Fort Collins, with several additional deals under contract. We expect a long run here in the Rocky Mountain state,” Wolf added.
AHV, one of the early developers in the BFR sector, is responsible for the delivery of 4,100 units with a value of more than $1.5 billion. The company recently moved its headquarters to San Antonio, Texas, where it has numerous BFR communities. AHV, which still has an office in Costa Mesa, Calif., is presently active in Washington, California, Texas, Alabama and Tennessee and is also looking to expand to Nevada, North Carolina and Florida, Wolf told MHN.
Wolf stated the new communities in the McWhinney master-planned developments in Colorado are part of AHV’s current $1.2 billion pipeline, which encompasses 15 communities and 3,000 units across numerous states.
McWhinney, which has planned and developed more than 6,000 acres of master-planned communities and 12 million square feet of mixed-use properties throughout the Rocky Mountain region and West Coast, and AHV plan to break ground this year on the Baseline and Kinston communities.
Ray Pittman, president & CEO at McWhinney, said in a prepared statement BRF homes are a great option for residents who are looking for more space than a traditional apartment and facing Colorado’s extremely competitive home-buying market. He said AHV Communities has a strong track record of creating quality rental homes across numerous states and they are looking forward to offering future residents more choices in the highly sought-after Baseline and Centerra master-planned communities.
Designed to be a new economic center that completes the Denver/Boulder triangle, Baseline will blend urban life with 172 acres of open space and interconnected parks. At full buildout, Baseline is anticipated to have 9,205 homes including single-family detached, townhomes, paired homes, condos, apartment homes and build-for-rent homes. Located at the junction of I-25, Northwest Parkway and Highway 7/Baseline Road in Broomfield, it will also have up to 8 million square feet of commercial space including office, industrial and retail space in the future.
McWhinney and AHV will offer a total of 242 Finley rental townhomes in Parkside West. The Finley floorplan averages just under 1,400 square feet and is expected to open in early 2023. Homes with the Grayson floorplan, averaging 1,800 square feet, are expected to deliver in late 2023.
Centerra is an award-winning master-planned community in Northern Colorado that offers recreation, art, shopping, dining, businesses and medical services, including the region’s first lifestyle center, The Promenade Shops at Centerra. Kinston is McWhinney’s newest residential village on the east side of Centerra and is expected to have 2,800 homes sites at full buildout. The partners plan to build 240 BFR homes in Kinston with the VellaTerra paired-home floorplan featuring about 1,345 square feet of space. The homes are expected to be available by early 2023.
The communities will be managed and maintained onsite. Each BFR community will have amenities including a pool, fitness center, community center, outdoor spaces and game courts, barbecue and picnic areas, bike rooms and conference rooms.