K. Hovnanian buys more lots in St. Cloud's Narcoossee Road subdivision

Luxury homebuilder K. Hovnanian paid $3.86 million last week for its second major takedown of finished lots in the Preserve at Turtle Creek. 

The New Jersey-based builder had previously acquired 40 lots from developer David Shapiro in the community's Phase 2. The recent acquisition comprises 68 lots in later phases.

The neighborhood in the St. Cloud city limits originally was approved for 244 lots to be developed over four phases, but Shapiro's Equity Preserve LLC replatted the project earlier this year to create a fifth phase and additional two dozen lots backing up to Lake Runnymede, all of which were a part of the KHov deal.

The builder currently offers eight floor plans in the neighborhood, with prices starting at $250,000 for an 1,800-square-foot detached home.

Equity Investments is led by former owners of Engle Homes, which was one of the largest single-family and townhome builder brands in Orlando before the 2008 economic recession, said Shapiro, himself a former vice president of finance with the homebuilder. Engle went under after parent company TOUSA Inc. filed for Chapter 11 bankruptcy in January 2008.  

Dream Finder Homes is the second builder active in Preserve at Turtle Creek. The Jacksonville-based builder originally paid $2.6 million in 2015 for 44 lots in the first two phases, and last August paid another $1.1 million for 18 more lots. 

Beginning in March, Dream Finder has been buying lots on a monthly draw, ranging from four to 12 at a time, at a set price of $64,450 per lot for a total of $2.1 million.

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