SMR, Starwood Land Ventures partner developing Country Club East

BUYER: SLV II CCE Venture LP, Lakewood Ranch
SELLER: Country Club East Investors LLC
PROPERTY: various lots, Country Club East, a portion of land east of Lorraine Road north of The Lake Club, Lakewood Ranch
PRICE: $23.4 million

PLANS, DESCRIPTION: Schroeder-Manatee Ranch Inc. (SMR) and Starwood Land Ventures LLC have formed a new joint venture to acquire the remaining land in Country Club East. The deal covers roughly 475 acres, or more than 600 existing and undeveloped lots.

The new joint entity, SLV II CCE Venture LP, purchased the property from an affiliate of Schroeder-Manatee Ranch, Country Club East Investors LLC, for $23.4 million. Based on the rough acreage, the price equated to $49,263 per acre.

As part of the joint venture, the partnership announced it will help build a new, more than 10,000-square-foot clubhouse and a new driving range at the Royal Lakes golf course. The golf course itself was not part of the sale and will remain wholly owned by SMR.

LWR Communities LLC will also continue to be the project manager for the property.

Starwood Land Ventures is a Lakewood Ranch-based residential real estate firm, focused on land acquisition, development and financing, particularly for large residential master-planned communities, mixed-use projects, land entitlement and development. SMR says that the company's existing presence on the ranch is one of the reasons they were selected for the venture.

“SLV has been headquartered here for years and is familiar with SMR's ideals and Lakewood Ranch as a community,” Rex Jensen, SMR's president and CEO, says in a press release. “They understand our commitment to quality. If anything, it's likely to speed development.”

Country Club East, one of 10 villages in 17,500-acre Lakewood Ranch, is a private, gated community built around lakes, nature preserves and an 18-hole Rick Robbins-designed golf course.