Banning Lewis Ranch August 8, 2015. (The Gazette file)

Denver-based Oakwood Homes, which is developing the roughly 2,600-acre northern portion of the Banning Lewis Ranch on Colorado Springs’ east side, has been acquired by Tennessee-based Clayton Properties Group, part of billionaire Warren Buffett’s Berkshire Hathaway company.

Terms of the deal weren’t disclosed.

Oakwood founder and CEO Pat Hamill said Thursday that development will continue at Banning Lewis, where more than 1,000 homes have been built southeast of Woodmen and Marksheffel roads and thousands more are planned.

“It’s business as usual,” Hamill said. “If anything, we want to expand our presence in Colorado Springs, as well as in the Banning Lewis Ranch.”

Oakwood’s portion of Banning Lewis also will have parks, trails, schools and other amenities. Colorado Springs-based Nor’wood Development Group owns another 18,000 acres of the ranch.

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