Coronado West, an Arizona-based land banker, paid $5.4 million last week for 105 acres in northeast Osceola County that's already approved for 349 home sites.
President John Cork told GrowthSpotter the acquisition was a land banking transaction on behalf of Ashton Woods.
"We basically follow homebuilders around the country, and they bring us deals to finance," Cork said. "We’ve done a lot of business with Ashton Woods, so we’re counting on them to make it work for them and for us."
Ashton Woods is an approved builder in Lake Nona's Laureate Park, but this would be the company's first community in Osceola County. Officials with the company declined to discuss their plans for the community, dubbed "Sunbrooke."
The community would be constructed in four phases with a minimum of 50-foot wide lots. Phase 1 would have 98 lots as well as a community pool and clubhouse.
The estate of Gary Dymmek sold the bulk of the property, which is located on Jones Road, a major east-west connector between Narcoossee Road and the massive Sunbridge development in northeast Osceola.
Sovereign Land Company President Kyle Sanders and Keewin Real Property Co. took the site through its entitlements, earning Osceola County approval for the subdivision. The site development plan is still under review by the county.
Keewin President Steve Rosser said the land had been under contract to Ashton Homes for more than a year.
The land abuts another 163.5 acres with approved subdivision plans for 640 homes. That property, which straddles both sides of Jones Road, sold last year for $12.6 million to Orlando investors Bob Zlatkiss and Tony Nicholson.