A partnership between PCCP LLC, Greenfield Partners, Alberta Development Partners and The Fellows Cos. has acquired a 620-acre, fully entitled residential and commercial development site in Aurora.

The property, called Painted Prairie, is entitled for 3,151 residential units, including single-family homes, condominiums and apartments throughout the development, as well as a 20-acre town center. The first phase of 600 lots was sold to homebuilders shortly after closing.

“The Denver region has experienced strong and steady job and population growth but has not produced enough homes to keep up with demand,” PCCP partner Jim Galovan said. “Those factors, combined with a focus on entry-level product, made this an attractive investment opportunity for PCCP.”

Painted Prairie is 15 miles from downtown Denver in north Aurora inside of E-470, the major transportation ring serving the Denver metro area. The site is eight miles, or two stops on the light rail, between the two largest job generators in the Denver area: Denver International Airport with 35,000 employees and the Anschutz Medical Campus with 24,000 employees. Both of these employment centers are expected to grow significantly over the next decade, with a major terminal expansion in the works for the airport and consistent development occurring at the medical center. Directly north of the property, the $800M Gaylord Rockies Resort and Convention Center is slated to open in November.

“Painted Prairie is a transformative residential development anchored by an incredible 22-acre neighborhood park and a 50-acre mixed-use walkable town center that will offer unique dining, shopping and entertainment uses,” Alberta partner Bryan McFarland said. “We look forward to working with our builders to deliver superior housing product and welcoming our first residents next year.”