D.R. Horton just closed on a deal worth $22.6 million near the Orlando Sanford International Airport.
According to City of Sanford and Seminole County records, the homebuilder purchased over 200 acres of land at 2401 E. Lake Mary Blvd. with entitlements to build up to 430 single-family homes.
Lake Mary-based Safari Investments LLC, a holding company led by principals at the real estate development and brokerage company PIB Land, was the seller.
Bobby Luthra, director of operations at PIB Land, told GrowthSpotter the deal included an agreement with the purchaser for an additional $5,000 per lot at third party closing, among other costs.
The price for solely the real estate penciled down to about $20.2 million, according to the recorded deed.
Plans call for 422 single-family homes, Luthra said in a text message. A subdivision plan for the property shows the residential community will feature a community clubhouse, swimming pool and open recreational space. Lot width sizes range between 45 feet to 120 feet.
Representatives with D.R. Horton were not immediately available to comment. Cycorp Engineering Inc. was the civil engineer.
Safari Investments LLC has been working on assembling and entitling the property for several years now. It has owned the land and much of the surrounding property since the late 1990s, before Lake Mary Boulevard reached its boundaries. The subject property was formerly part of the Silver Lakes Industrial Park Replat, approved in 1993, and has remained undeveloped since.
Around 2018, Safari Investments LLC began introducing an additional roughly 18 acres to the Silvestri Estates Planned Development on the south side of Pine Way. The additional land is being utilized for stormwater ponds and associated infrastructure for the residential portion of the PD.
To the northeast of the property, about 20 acres of the roughly 230-acre Silvestri Estates PD, were retained by the seller. The property has shovel-ready lots along Lake Mary Boulevard that are entitled to feature a hotel, quick-service restaurant and retail strip center, Luthra said.
D.R. Horton has worked with PIB Land before. The homebuilder bought into its 257-lot Wyndham Preserve residential community nearby, along with Georgia-based Starlight Homes.
PIB Land also prepped the property directly to the east for Ryan Homes, which bought the neighboring 374-lot Kensington Reserve single-family home community.
Luthra said D.R. Horton has another scheduled closing in the area next month for an additional 212 single-family home lots.