JOHNSTOWN — Blue Spruce Ridge, a 41.4-acre residential development site within The Ridge, a master-planned community east of Interstate 25 that had faced foreclosure in August, has been sold for $2.7 million.
Ryan Schaefer, CEO of commercial real estate brokerage NAI Affinity, acted as a transaction broker between the buyer, Erie Partners III LLC, and the seller, Blue Spruce HoldCo LLC, an entity related to Scottsdale, Arizona-based CaliberCos Inc. (Nasdaq: CWD).
Erie Partners III is registered to the same Golden address as two real estate investment companies, The Bailey Co. LLLP and The Erie County Investment Co. The sale closed Nov. 11.
Documents show the property, near Colo. 402 and Larimer County Road 3E, was purchased by Caliber in March 2023 for $2,729,350 from James and Alexis Garrelts, who filed for foreclosure Aug. 4. Blue Spruce Ridge was annexed to Johnstown in early 2024, with zoning approved in October 2024.
The property features conceptual plans for approximately 200 single-family and townhome lots, but the buyer intends to hold the land as investment, possibly entitling it further, before considering a future sale to a homebuilder, according to NAI Affinity brokers.
Overall, The Ridge spans more than 440 acres of mixed-use development land, with connectivity to I-25 at the Colo.402 interchange. Multiple residential and multi-family projects are completed or under construction, including The Overlook Apartments and more than 1,000 single-family homes by DR Horton, Journey Homes, View Homes and Oakwood Homes.
QuikTrip also has closed on a site near the southeast corner of the interchange and will build a convenience store and gasoline station there soon. Several additional sites are under contract.
NAI Affinity is the exclusive listing agent for Blue Spruce Ridge.
“Despite a few headwinds from higher builder inventories and sticky interest rates, the sale of Blue Spruce Ridge reflects continued investor confidence in such well-located regional development sites,” Schaefer said in a prepared statement. “This is one of a handful of such sales that have closed or will be closing in the fourth quarter of 2025, which is indicative of improving market conditions.”
The August foreclosure filing came a little more than a week after a representative said CaliberCos. planned to move ahead with home and commercial construction on a nearby 135-acre property that had gone into foreclosure. According to documents filed July 17 with the Larimer County Public Trustee, West Ridge HoldCo LLC, the owner of the property at 5531 E. Colo. 402, at the northwest corner of the interchange, owes $12 million to Mountain View Farms Inc.
Larimer County documents show the amount to cure the foreclosure, $12.656,810, must be received by March 3; otherwise, a sale will take place March 4.
Caliber in 2021 also purchased acreage on the north side of U.S. 34 in Johnstown, just east of Loveland.
Caliber’s stock price has struggled over the past year, with the company receiving a delisting notice from Nasdaq in May 2024 after its stock price dropped below $1 a share for 30 consecutive days. The company regained compliance after effecting a reverse stock split last May. It also was informed Nov. 17 that it had regained compliance with Nasdaq’s minimum stockholders’ equity requirement, which requires at least $2.5 million of stockholders’ equity.
The stock closed Tuesday at $1.80, up 6 cents from the previous day.
This article was first published by BizWest, an independent news organization, and is published under a license agreement. © 2025 BizWest Media LLC.
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