JV Breaks Ground on the First Phase of Berkeley at Baseline
IHP Capital Partners and Berkeley Homes have formed a joint venture for the acquisition and development of a new three-story detached single-family home community within the Baseline master plan in Broomfield, CO. The JV has broken ground on the first phase or 40 homes of the 160-home project.
Named Berkeley at Baseline, the project is within Parkside Village, the denser and more urban neighborhood of the master plan. The future homes will range from 1,641 to 2,323 square feet and offer two to three bedrooms and two-and-a-half baths.
Designed by Denver-based developer McWhinney Real Estate Services Inc., Baseline is a 1,110-acre master plan entitled for approximately 9,200 total residential units, 9 million square feet of commercial use, two schools, and more than 150 acres of parks and open space. Baseline is surrounded by retail amenities and is adjacent to Anthem Colorado, an established master plan.
“Broomfield’s new home inventory outside of the Baseline community is limited and competition for buildable land is high, particularly from public homebuilders,” said Jeff Willis, president of Berkeley Homes.
Home sales are anticipated to open in third quarter 2022 with the commencement of model homes in second quarter 2022. The JV plans to offer first- and second-time prospective homebuyers among the lowest pricing, and pricing will be announced in second quarter 2022.