(THORNTON, COLORADO) – Hines, the international real estate firm, and partner Trez Capital, a multi-faceted commercial real estate capital source, announced today that they have acquired a 765-acre property in Thornton, Colorado, known as Parterre, upon which the partnership will develop a signature, single-family home and mixed-use community.
The development is located in north Thornton one of Denver metro’s most thriving submarkets, less than four miles east of I-25 near key shopping, entertainment, and transportation. The property is 20 miles from downtown Denver and is expected to offer attainably priced housing, as well as a mix of commercial and retail uses.
Rob Witte, Hines senior managing director, indicated that as master developer, Hines will oversee development of the project, including the community master plan and infrastructure, residential neighborhoods, amenity centers, mixed-use parcels, community amenities, parks, and walking and biking trails.
Hines Director Chad Murphy, commented, “This property is a key land parcel in north metro Denver that has essentially become a near 800-acre infill site over the last five years. We are thrilled about the opportunity to create a unique residential and mixed-use development in Thornton that will include a variety of housing options and prices. There are few land parcels of this size left in this good of a location. With our high-caliber homebuilder partnerships, this development will provide one of the finest neighborhoods that people can call home for generations to come.”
“We are pleased to partner with Hines to bring this master planned community to life in a very desirable area just outside of Denver,” said John Hutchinson, president of Trez Capital. “Parterre is the 11th project that Trez Capital and Hines have purchased together as partners.”
The talented team of premier homebuilders assembled for this new signature development include: William Lyon Homes and Lennar Homes. Design and entitlements are underway, and construction activities are expected to begin in mid-to-late 2019.
Trez Capital invests equity and provides property developers and owners with quick approvals on flexible short- to mid-term financings. In major markets across the U.S., Trez Capital offers financing for new residential communities, completed residential lots, multifamily developments, hospitality real estate and income properties. From its Dallas headquarters, Trez Capital has financed more than $1.7 billion in real estate projects in the U.S. since 2011.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 207 cities in 24 countries. Hines has approximately $116.4 billion of assets under management, including $64 billion for which Hines provides fiduciary investment management services, and $52.4 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,319 properties, totaling over 431 million square feet. The firm’s current property and asset management portfolio includes 527 properties, representing over 224 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.