Luxury homebuilder K. Hovnanian has purchased 40 lots in St. Cloud's Preserve at Turtle Creek subdivision on Narcoossee Road.
Boca Raton-based Equity Investments LLC developed Preserve at Turtle Creek immediately south of the original subdivision, which has 269 single family lots. Equity Investments is led by David Shapiro, a former owner of Engle Homes, which was one of the largest single-family and townhome builder brands in Orlando before the 2008 economic recession.
Dream Finders Homes is actively building in the 82-acre community, which has its own pool and cabana scheduled to open in early 2017.
KHov paid $2.3 million on Oct. 7 for 40 finished lots in the community. Shapiro told GrowthSpotter on Thursday that the transaction was the homebuilder's first takedown. "They're under contract to buy more," he said.
It's the builder's second community in Osceola County and eighth in the metro Orlando market. KHov is gearing up to launch one of its Four Seasons luxury active adult communities in Kissimmee's Mystic Dunes golf resort.