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BUYER: GK Charleston Park LLLP (principals: Michael Clarke, Howard Erbstein, Robert Julien and William Johnson), West Palm Beach
SELLER: Premier American Bank NA
PROPERTY: a portion of property south of Spring Haven Drive east of Pan American Boulevard, North Port
PRICE: $623,700
TITLE FIRM ON DEED: Cape Coral Title Insurance Agency Inc., Cape Coral
PLANS, DESCRIPTION: Kolter Land Partners purchased 110 lots in the gated Villas at Charleston Park community for $623,700.The price equated to $5,670 per lot.
West Palm Beach-based Kolter is in talks with homebuilders to restart the development, according to Jim Harvey, president of Kolter Land Partners.
“We know it's a bit premature,” Harvey says. “Demand is very anemic in North Port. But we think within the next year to 18 months we will able to start building in the community again.
Adds Harvey: “It's a great community. The residents have done a great job keeping the community intact though the foreclosure. The amenities were already fully built.”
Peter Shipps Design & Construction Inc. originally developed the maintenance-free villa community. Florida Community Bank foreclosed on much of it last September.
The acquisition follows Kolter's current business model of buying under-valued residential communities and restarting them. Kolter recently purchased 63 lots in the Sandoval community in Cape Coral for $1.4 million.
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