Documents filed with Lake County show that Jen FL 33 LLC, one of Sun Terra’s New York-based private equity partners, paid $7.5 million for the acreage along North Hancock Road north and east of Lake Minneola High School.
Representatives of Atlanta-based Beazer could not be reached for comment. Ben Snyder, vice president at Hanover Land Co., the seller, said his company bought the land about a year and a half ago. Hanover entitled it for 399 lots, and Sun Terra bought 249 50- and 70-foot lots, Snyder said.
“It’s fully engineered and permitted,” Snyder said. “They could be out there turning dirt today.”
The parcel would comprise the first two phases of the community at the south end of the Hills of Minneola. Hanover still owns Phase 3 and Hanover Family Builders could potentially build that phase, Snyder said.
Beazer is a national homebuilder with operations in 13 states.
In central Florida, it is building five communities, Clifton Park in Oviedo, Windermere Isle in Windermere, Lakeshore of Wekiva in Apopka, Reserve at Sawgrass in Orlando and Belle Vie in Orlando, all of which generally feature large homes of 2,500 to 4,900 square feet selling from the high $300,000s to the mid-$500,000s.
Beazer also has a 55-plus condo community, Gatherings of Lake Nona in Orlando, and has two projects on tap: Marbella in Kissimmee and Moss Park Preserve in Orlando.
Sun Terra and Beazer partnered on a land-banking transaction in Horizon West in 2016.
Sun Terra is the master developer of The Hills of Minneola, having paid $70.8 million in 2018 for the balance of the planned unit development that’s entitled for nearly 4,000 homes. That property straddles all four corners of the Minneola/Florida Turnpike interchange that opened in 2017.
As a developer, Sun Terra has been involved in some of the largest land acquisitions in the Orlando market in recent years, including the $42 million acquisition earlier this month in the Horizon West Town Center. Other major deals include the former San Pedro center land in Seminole County (bought for $26.7 million in 2016) and Osceola County’s Harmony community (bought for $24.25 million in 2017).
Reporter Laura Kinsler contributed to this report. Have a tip about Central Florida development? Contact me at kinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.