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National homebuilder D.R. Horton acquired the Villages at Entrada, a 317-acre tract in Cape Coral permitted for 721 single-family homes.
Terms of the deal weren't disclosed and the paperwork has yet be filed on the sale price.
D.R. Horton, the largest homebuilder in the country by closing volume, bought the property from Naples-based CoCo of Cape Coral LLC, according to a release. The property, between Del Prado Boulevard North and North Cleveland Avenue, is one of the largest fully permitted properties in Southwest Florida west of Interstate 75, the release adds.
Jessica Russo with Development Realty Inc. represented CoCo of Cape Coral.
Realmark Communities originally developed Villages at Entrada and subsequently turned it back over to the bank during the real estate downturn. CoCo of Cape Coral acquired the land in 2012. The Villages of Entrada includes a 3-acre amenity site for a clubhouse and pool area in addition to other common areas that could be designated for additional amenities. There isn't a Community Development District attached to the project, and City of Cape Coral development approvals are in place for up to 30 model homes and two gatehouses, according to the statement.
“It's a great location with excellent access to Del Prado Boulevard and U.S. 41 and affords D.R. Horton the ability to build in a quick, timely manner,” said Paul Hardy, managing member of CoCo of Cape Coral, in the release. “There is also a nice collection of newer shopping and retail locations nearby, as well as several public and charter schools.”
Russo says many developers statewide and across the region expressed interest in The Villages at Entrada due to its central location and quick development status.
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