Richmond American Homes spent more than $8 million in late December to expand its lot inventory in St. Cloud.
The homebuilder closed two acquisitions before year's end, Orlando Division President Ben Shoemaker told GrowthSpotter, paying $5 million for Phase 2 of the 198-lot Pinewood Gardens subdivision on Old Canoe Creek Road.
RAH bought the first phase of the subdivision last April for $4.8 million and is actively selling there now. It has three models on site.
Shoemaker said RAH was attracted to the site because of the location. It was one of the few infill subdivisions in St. Cloud's Canoe Creek corridor, which is only a few blocks south of U.S. 192.
"We are selling our Seasons lineup there," Shoemaker said. "It's our entry-level product. The difference you get with us compared to other builders is that we offer full personalization."
Buyers can choose from 13 different floor plans and meet with a design specialist to select their finishes, exterior elevations and structural options. Even though the product line is designed for 40-foot lots, Pinewood Gardens is composed of 62.5-foot lots.
"The buyer can add a third garage, which is something we don't offer in other communities," he said.
RAH also paid $2.37 million to buy the last phase of Deer Creek, which is entitled for 91 lots.