M/I Homes is expanding its portfolio in northwest Seminole County.
The homebuilder just paid about $4.2 million for a roughly 20-acre townhome subdivision developed by Winter Park-based Henin Group.
The 150-lot community sits on the northwest corner of Marbella Lane and Sanford’s West First Street (S.R. 46), next to another M/I Homes townhome neighborhood called Towns at White Cedar.
“We have about 60 units left to sell there and see the 150 homesites at the Towns at Lake Monroe Commons [subdivision] as the natural continuation,” M/I Homes vice president of land, Daniel Kaiser, told GrowthSpotter.
The homebuilder has been active in northwest Seminole County for over a decade. Currently, it is selling and building out its Towns at White Cedar townhome community, as well as its single-family Traditions at White Cedar neighborhood across the street.
Daniel Kaiser said by the end of last year, M/I Homes had sold 27, 40-foot lots at its Traditions at White Cedar single-family home community. The homebuilder is also in the midst completing its Estuary at St. Johns single-family home community, with about 20 lots left to sell, he adds.
Nearly half the townhomes at M/I Homes’ 150-unit Towns at White Cedar townhome community at 220 Evertree Loop have sold. Prices begin at $262,990, according to its website.
M/I Homes’ newest community, Towns at Lake Monroe Commons (a name in the process of being approved) will feature a gated entrance and a private community pool and cabana for residents. Two-story townhomes will consist of three and four bedrooms.
Jeff Kaizer, vice president of sales and marketing for M/I Homes, said their company has been paying close attention to the Sanford area and the revitalization of its Historic Downtown District, which has lured in boutique retailers and trendy eateries, as well as established a strong sense of place with its regular community events.
All those factors plus its strong connectivity with I-4, S.R. 417, the Sanford SunRail station and Lake Mary have really made the corridor “one to watch,” Jeff Kaizer said. “Towns at Lake Monroe Commons is an extension of our current Sanford townhome community, Towns at White Cedar. M/I’s vision is to continue the popular concept that we started.”
The homebuilder also purchased 252 home sites in Henin Group’s 240-acre Riviera Bella master-planned community in DeBary.
M/I Homes is behind residential communities within the 75-acre mixed-use Tyson Ranch project south of Orlando International Airport and Horizon West, where it’s building Encore at Ovation, a 430-unit residential community.
Other residential developments include the 110-lot Hull Island at Oakland single-family community in Winter Garden, and the 92-lot Hideaway Cove single-family community in Oviedo.