Homebuilder D.R. Horton paid $9 million last week to add another St. Cloud residential project to its portfolio.
Located just east of the U.S. 192 - Narcoossee Road intersection, Canopy Walk is approved for 193 lots in Phase 1. Boca Raton-based Home Dynamics had completed 119 lots when D.R. Horton came to them with an unsolicited offer to buy the entire project.
"It was just something that came up, and the timing was right," Alejandro Delfino, director of land development for Home Dynamics, told GrowthSpotter on Thursday. "We were originally going to do the project ourselves when they approached us. We've done deals like this with them before."
Horton paid $6.66 million for the finished lots and $2.34 million for the future development tract, according to the deed.
D.R. Horton has already posted the community on its Central Florida homepage, indicating it will offer six floorplans under the company's Express Homes brand.
The company is actively building single-family and townhomes in St. Cloud's Turtle Creek community on Narcoossee Road and in the Kindred master-planned community.
The nation's largest homebuilder has been on a bit of buying spree over the last few weeks in Greater Orlando. In late June, Horton acquired Osprey Ridge, a planned 95-lot subdivision on Boggy Creek Road, and the 140-lot Oak Trail Reserve project in Ocoee.