Vancouver developer acquires Alberta builder
Anthem Properties Group has acquired Calgary-based United Communities, a residential land developer that entitles, develops and sells finished lots to home builders in Calgary, Edmonton and Sacramento, California. In addition, the company operates a home building division in Sacramento. United employs about 40 people, has completed over 20 major communities and has developed over 23,000 serviced lots in the last two decades. The purchase price was $200 million.
Anthem Properties Group is a 175 person real estate investment, development and management company operating in Western Canada. Noteworthy Alberta projects undertaken by Anthem include Waterfront, a series of luxury high rise towers in Eau Clair on the Bow River; Erlton Village, a TOD mixed-use project at 25th Ave. and MacLeod Trail; the recently remediated Molson Brewery site in Edmonton, a brownfield project; and the completely rebuilt North Town Centre at 137th Ave. and 97th St. in North Edmonton.
Anthem pursued the investment in United to increase its exposure to Alberta and secure a strong Alberta talent pool; add residential land development as a core strategic asset and return to its roots as a land developer; and gain a foothold in the U.S. market through the Sacramento operation.
The Anthem portfolio, located throughout Alberta and British Columbia, is currently comprised of over 3.5 million square feet of commercial space, 40 acres of urban and suburban land held for future development, and approximately 3,500 residential condominium units either in the design development stage or under construction. Anthem has invested in, developed, and or managed, alone or in partnership, over 210 projects, in virtually all asset classes, with a cumulative historical value of approximately $2.5 billion.