Richmond American Homes is expanding its lot inventory in St. Cloud, paying $4.8 million for 100 finished lots in Pinewood Gardens.
The 198-lot neighborhood was first platted in 2005 by Brevard County developer Ron Howse. His company, Mathews Properties & Development Inc., purchased the 60-acre parcel the prior year for $1.78 million from the widow of the late Malcolm Wade.
That was the same year the city capped off the municipal landfill, which is immediately to the east. The City of St. Cloud still operates a waste transfer station on Peghorn Way, and the parks department operates a skate park and BMX park on the public land.
This is Howse's second major disposition of 2017. In February he sold his remaining lot inventory at Magic Landings to Royal Oak Homes. The homebuilder paid $1.33 million, or $47,500 for each of the 28 lots.
The project sat idle for about a decade after the housing bust. Last year Howse rebooted some of his older projects that had stalled during the recession, including Pinewood Gardens and Deer Creek.
Bill Sullivan with Potomac Land Co. brokered the deal with Richmond American. Each lot is at least 62.5 feet wide.
The Denver-based homebuilder is a subsidiary of MDC Holdings, a publicly traded company. RAH currently has seven active communities in the Orlando metro region, including North Pointe in Kissimmee and in Harmony.