The residential real estate market in Florida is getting further stability as several transactions for residential development were closed this month like the recent sale of a master-planned community in Summerlake, an unincorporated community in northern Lake County, Oregon. The master-planned community with 1,500- unit is recently acquired by Bradenton, Florida- based Starwood Land Ventures, a residential real estate investment firm, for about $27 million.
The master-planned community is composed of about 400 developed vacant lots and 300 newly constructed homes.
Starwood plans start on the construction of the resort-style amenities and other major improvements in the master-planned community this year.
According to the east region president of Starwood Land Ventures, Mike Moser, the company is investing on a high- value residential development within the top submarket in central Florida.
The company plans to hire top home builders to further enhance the master-planned community’s lifestyle, which aims to provide high quality homes for potential home owners.
Summerlake is said to be a vital part of the Orange County’s Horizons West master development, with about 557- acre of land area that is located about a mile north from Disneyland properties, and about 17 miles from Orlando International Airport.
About 1,500 home site are approved in the housing community with about 30 homes are fully completed and 450 fully developed vacant sites.
After the completion of home construction later this year, home prices in the community will start from $100,000.
Amenities in the development include a clubhouse, swimming pool, and etc.
In 2010, Starwood also acquired a master planned development— Independence located north of Summerlake master-planned community.