The builders finalized the deal less than a month after RAH bought Phase 2 of the Pinewood Gardens subdivision in St. Cloud. RAH was the sole builder for the 198-home community, and paid $5 million in late December for the final 99 lots.
Hanover acquired 60 lots in Pinewood Gardens and sold a similar number of lots in Preserve at Sunrise to Richmond American.
"We both agreed it would be best for a couple of projects to have two builders," Hanover Co-President Matt Orosz told GrowthSpotter.
Hanover will open a sales center in two weeks and expects to start construction on a model home within a month. The company will offer 11 floorplans with multiple elevation options, starting at $234,900.
He said it will add to the variety and product choice in the community, where Richmond American is already offering its "Seasons" product line with 13 floorplans.
Hanover Family Builders launched last summer with a half dozen residential projects in Lake and Osceola counties. The Orosz family have been involved in the homebuilding business in Central Florida since the 1940s.
Orosz said one thing that makes Hanover homes unique in the market is that all come standard with Kohler faucets in the kitchen and bath, including a premium shower system with rainhead faucet, hand shower and digital controls.
Richmond American is offering six floorplans from its Seasons product line at Preserve at Sunrise, the 400-home community in Groveland. Division President Ben Shoemaker said the builder offers a level of personalization and design services that are rare among production builders.