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BUYER: Jen Florida VI LLC (Sun Terra Communities I LLC and Jen Partners LLC), Oviedo
SELLER: Royal Palm Academy Inc.
PROPERTY: near the intersection of Livingstone Road and Learning Lane, North Naples
PRICE: $6.3 million
PREVIOUS PRICE: $2.6 million, February 2006
LAW FIRM ON DEED: Cheffy Passidomo PA, Naples
PLANS, DESCRIPTION: Sun Terra Communities and its financial partner Jen Partners purchased the Royal Palm community for $6.3 million.
The price equated to $42,000 per lot.
The property is east of North Naples Middle School and southeast of Veterans Memorial Elementary School.
Sun Terra Communities expects to start site development for 150 single-family home lots on the site in nine months.
“We should have finished lots in the ground about six months after that,” says John Kraynick, a partner in Sun Terra Communities. “Pulte Homes found the site and came to us. It's in an excellent location, and the Naples market is very strong right now. There is lots of demand for well-priced single-family homes, and we believe the number of resales on the market is evaporating very quickly in this price point.”
Home prices in the community are expected to start in the mid-$300,000s. Pulte Homes has agreed to purchase and build on the lots, which will range in size from 52 to 75 feet.
Sun Terra Communities and its partner Jen Partners recently purchased 86 home lots in Forest Glen for $2.15 million, equal to $25,048 per lot.
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