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Kolter Land Partners buys part of Sandoval


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  • | 1:27 p.m. July 9, 2010
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  • Charlotte–Lee–Collier
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BUYER: GK Sandoval LLLP (principals: Michael Clarke, Howard Erbstein, Robert Julien and William Johnson), West Palm Beach


SELLER: Cape Coral Development Associates LLC


PROPERTY: lots 1-63, block 8028, Tract 111, Sandoval-phase 2, 2549 Verdmont Court, Cape Coral


PRICE: $1.4 million


LAW FIRM ON DEED: Donna J. Feldman PA, Clearwater


PLANS, DESCRIPTION: Kolter Land Partners purchased 63 lots in Sandoval for $1.4 million.


The price equated to $22,222 per lot.


Sandoval, a master planned community in Cape Coral, was developed by the Bonita Bay Group. Bonita Bay was under contract to sell the lots to another buyer, but that deal failed to close, according to Kolter Land Partners President Jim Harvey.


So Kolter, through its GK Sandoval LLLP investment entity, bought the lots instead.


“We already have [the lots] under contract with D.R. Horton,” Harvey says. “They are not going to buy them in bulk. They are going to buy them as they sell houses. Cape Coral is difficult as a whole, but Sandoval is a little bit of an island off by itself.”


Harvey says several elements of Sandoval attracted Kolter, including the community's 70-foot lots and the experience and ability of the Bonita Bay Group.


D.R. Horton is already the builder for several communities in the 524-acre Sandoval, including in the neighborhoods of Verdmont and Blackburn.

 

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