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Business Observer Friday, May 9, 2014 4 years ago

Lakeland's Highland Homes buys more lots in Palmetto Estates

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Lakeland-based homebuilder Highland Homes purchased 40 lots in the Palmetto Estates community for $980,000.

BUYER: Palmetto Land Partners 2 LLC (principals: Albert and D. Joel Adams, Lakeland
SELLER: Canal Road Investments LLC
PROPERTY: a portion of land north of 21st Street East and west of Canal Road, Palmetto (legally known as lots 18-24, block A; lots 1-12 and 24, block D; lots 1, 12-24, block E; lots 1-6, block F, Palmetto Estates)
PRICE: $980,000
PREVIOUS PRICE: $650,000, January 2013 (includes additional property)
LAW FIRM ON DEED: D. Brian Kuehner PA, Lakeland

PLANS, DESCRIPTION:
Lakeland-based homebuilder Highland Homes purchased 40 lots in the Palmetto Estates community for $980,000.

The price equated to $24,500 per lot.

The sale marks Highland Homes' second purchase of lots in the communities. It purchased the first about 40 lots in 2013. The homebuilder has been selling homes in the community since the second half of 2013.

“We do an affordable product and this [property] allows us to get in at the pricing we need to do that,” says Bob Adams, president of Highland Home. “It has nice size lots with a large lake in the middle of it. It's [also] in a great location with easy access.”

The builder expects to sell out its inventory in the community over the next 15 to 18 months. Homes in the community are being priced from the low $100,000s.

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