Miami real estate firm Alcazar Development Group just bought more than 45 acres of vacant land in Leesburg with plans to build a new multifamily community.
The two-parcel site sits east of Shady Acres Road, between North Silver Lake Road and U.S. 441. Lake County records show ADG paid $1.74 million for the 47.5-acres that includes a 27-acre lake.
ADG financed the deal with a $674,000 loan from Coral Gables-based Professional Bank.
According to the company’s website, the developer intends to build a 256-unit multifamily community called Silver Lake Villas.
The project would be ADG’s first project outside of Miami-Dade County, where it’s developing apartment projects in the Downtown Miami Health District and the Naranja neighborhood in southwest Miami-Dade County.
Representatives at the firm were not immediately available to comment.
Mike Donaldson and Nick Meoli with the Cushman & Wakefield Southeast Multifamily Advisory Group had the listing. The brokers represented the selling entity, Belle Rive Ventures LLC, which is led by Orlando-based property investor Eric Coe.
Belle Rive Ventures purchased the site in 2017 for $275,000. The property is about a mile west of the Leesburg International Airport.
Nearby, homebuilders D.R. Horton, Meritage Homes and Orlando-based Avex Homes are buying into a planned 569-lot residential subdivision called Lake Denham Estates. Construction of the community, located across from Lake Harris on U.S. 27, is underway.
In November, GrowthSpotter reported of plans by a Colorado homebuilding giant Richmond American Homes to break ground on a 97-lot community between the Lake Harris Conservation Area and the Sleepy Hollow Sports Complex, southeast of U.S. Highway 441.
Clearwater-based CG Land Investments LLC is also prepping about 74 acres between County Road 44 and Radio Road, north of Silver Lake, for a 224-lot subdivision.