Pulte Homes is moving forward with the third phase of its Lakeshore at Narcoossee subdvision in St. Cloud.
The homebuilder paid $1.6 million this week to Sun Terra Communities for 18 finished lots in the gated community. Pulte frequently teams up with the land banker -- the Narcoossee projects is one of three in Osceola County they have actively developed together.
"They're one of our best customers," Sun Terra Principal John Kraynick told GrowthSpotter on Wednesday. "Pulte brought the deal to us."
The subdivision is slated for 416 lots and townhomes. Kaynick said Sun Terra has 103 finished lots in inventory, Pulte agreed to buy 18 per quarter. The builder offers about a dozen floor plans on the 50-foot and 60-foot lots.
"We're a landbanker, but we're also a developer. We work with a lot of public and private builders," he said. "The public companies come to us because they don't want the land on their books. The private builders come to us if they need capital."
Sun Terra Communities is funded by JEN Partners, LLC, a New York-based private equity real estate firm.