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.
Tiffany Ferri, vice president of sales for Pulte Homes in North Florida, said access to Fells Cove and East Lake Tohopekaliga is helping to make Lakeshore at Narcoossee one of the most popular Pulte communities in Southeast Orlando.
“This is one of the most beautiful parts of Florida and Fells Cove opens onto East Lake, Lake Toho, Lake Ajay and all the way to Lake Okeechobee,” Ferri said. “All that and we’re just minutes from Medical City,” she added, in an announcement for opening of sales for the townhomes.
The townhomes start at about $200,000, have rear-loaded garages and offer an optional third floor.
"All of the townhome lots are gone," Kraynick said. "They've been a real hot seller."