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Mountain Real Estate Capital has entered into a joint venture with Sunrise-based GL Homes of Florida for the development of the 850-home Riverstone Community in Naples.
GL Homes plans to develop Riverstone on property east of Olde Cypress Boulevard and north of Immokalee Road. The development will feature homes ranging in price from $300,000 to $600,000 and sizes from 1,758 to more than 4,500 square feet. Amenities will include a clubhouse with fitness center, an indoor sports complex, a pool, and tennis courts.
Terms of the deal were not disclosed.
The Riverstone joint venture marks the second time Mountain Real Estate Capital has partnered with GL Homes. In June, the two announced a $75 million joint venture to purchase one new project and recapitalize six other partnerships. The MREC/GL ventures include more than 8,300 acres of land and 6,500 home sites located in West Palm Beach, Tampa, Naples and Fort Myers. The joint venture will develop lots and home sites over an eight- to 10-year period with an estimated sellout value of more than $1.8 billion.
This new transaction represents Mountain Real Estate Capital's third investment in the Naples housing market.
Mountain Real Estate Capital is the equity investment arm of the Mountain Real Estate Group. It engages in joint ventures with national and regional homebuilders to develop and sell residential lots and houses, and acquires other opportunistic assets and bank REO and NPL portfolios.
The homebuilder joint-venture program is based out of Mountain Real Estate Capital's Minneapolis office.
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