Homebuilder PulteGroup Inc. (NYSE: PHM) has sold a 1,700 acre parcel of land originally set to be a master planned community of about 1,500 homes near Denver. The land was sold in an all-cash transaction to private real estate investment firm Wheelock Street Capital LLC for an undisclosed price.
Pulte said that the company will not realize a material gain or a loss on this sale. The company has already sold some $12.5 million worth of land in its West region this year. Net new orders from the region are down for the year, but up for the most recent quarter, and the order cancellation rate in the West is also rising.
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