Mike Kboudi | Jim Capecelatro
Castle Rock, CO
Canyons South was master planned for 968 residential units over 1,100 acres of diverse topography making development costs extremely high. While public financing mechanisms were formed by the seller, it was paramount that a buyer understand projected home prices, taking advantage of views, open space and natural topography as appropriate. In addition, the sale of Canyons South was conducted under a “bid” format with rigid sale terms established upfront. In light of the size and complexity of the opportunity, the buyer pool was relatively small requiring a very focused marketing approach that included half-day tours, follow-up meetings and numerous conference calls.
Approximately 30 parties reviewed the property with 12 groups touring the property. Four (4) qualified bids were received and those parties participated in a “best and final” process. The eventual buyer, Hines, was selected and ultimately closed the property at a value that met the seller’s expectation.