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Business Observer Monday, Oct. 8, 2012 9 years ago

Kolter buys Verandah

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The Kolter Group acquired Verandah, a 1,456-acre residential development in Fort Myers.

FORT MYERS — The Kolter Group acquired Verandah, a 1,456-acre residential community in Fort Myers from Bonita Bay Group. Terms of the deal were not disclosed.

Bonita Bay Group, a privately held developer based in Bonita Springs, opened Verandah in 2003, a gated residential community that hugs the Orange River. About half of the 1,700 home sites in the community remain available for new-home construction.

“We couldn't have been more impressed with the level of amenities and the overall quality of the community development at Verandah,” Jim Harvey, president of Kolter Land Partners, says in a statement. “The community is active and vibrant, the club and HOA are strong, and the remaining land is a great fit for our homebuilding division and a local custom-builder program.”

Kolter, a West Palm Beach-based real estate investment company and homebuilder, reported more than $3 billion in real estate sales with more than 10,000 residential units since 1993.

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