CALGARY – Vancouver developer Anthem Properties Group has acquired Calgary-based United Communities in a $200-million transaction.
United Communities is a residential land developer that entitles, develops and sells finished lots to homebuilders in Calgary, Edmonton and Sacramento, California. It also operates a homebuilding 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.
Anthem Properties Group is a 175-person real estate investment, development and management company operating in Western Canada. Among its Alberta projects are two major ones in Calgary – Waterfront, a series of luxury highrise towers in Eau Claire on the Bow River; and Erlton Village, a mixed-use project at 25th Avenue and Macleod Trail S.
“Anthem is delighted with its investment in United Communities. I am eager to work with the United team and its partners in pursuit of United’s existing successful development strategy,” said Eric Carlson, incoming chief executive of United and existing chief executive of Anthem.
Anthem plans to operate United as a sister business to Anthem under the name United Communities and will retain the management team as is, with the exception of chief executive Don Douglas, who is stepping down and assuming the role of Chairman Emeritus.
The company said it pursued the investment in United to increase its exposure in Alberta, secure a strong Alberta talent pool, add residential land development as a core strategic asset, 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 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.