LAFAYETTE - Meritage Homes of Colorado Inc. has closed on the $2.1 million purchase of the land for the next phase of the Silver Creek residential development in Lafayette.

The subdivision is north of Lafayette, off 111th Street between Baseline and Arapahoe roads.

The buyer is part of the Scottsdale, Ariz.-based Meritage Homes Corp., (NYSE: MTH), one of the largest national homebuilding companies., The company has completed the first phase of Silver Creek, and the homes have sold out, according to its website.

Earlier this month, the Louisville City Council approved the plat for the 54-lot second phase of the development.

Silver Creek LLC sold the land. According to public records, Silver Creek was formed by Michael Markel, founder of Boulder-based Markel Homes. Documents filed with the Lafayette Planning Department show Markel Homes once planned to build the project before selling the majority of the 61-lot first phase of Silver Creek to Meritage.