ORLANDO-Starwood Land Ventures has purchased the 1,500 unit master-planned community of Summerlake for more than $27 million. The community includes over 400 developed lots and 13 completed homes.
“We own quite a bit of Orlando,” Mike Moser, Starwood Land Ventures’ east region president, tells GlobeSt.com. “We’ve been happy with our other Orlando acquisitions and we feel Orlando will remain relatively strong over the long haul.”
Summerlake is a 557-acre property located 1.5 miles north of the Disney property and 17 miles northwest of the Orlando International Airport. The community has more than 1,500 home sites approved for development with nearly 450 of them being fully developed and 30 homes completed.
“Summerlake is an integral part of Orange County’s Horizons West master plan,” Moser says. “We are investing in high quality real estate in the best submarket in Central Florida. We plan to strategically select top builders that will enhance the community’s lifestyle and charm and provide high quality residences for our future homeowners.”
When homebuilding commences later this year, home prices are expected to start in the high $100,000s. In 2012, 3,000 consumers can buy into Summerlake with its resort-style recreational facility, clubhouse, pools and tennis courts. Starwood plans to break ground on the resort-style amenities this year and make other improvements for the community.
Starwood Land Ventures continued its growth streak in 2010, closing more than 13,500 residential lots over the past 15 months. Since 2007, Starwood has invested nearly $250 million in residential land—and a large portion of that was placed in 2010. Moser says the company plans to keep up this pace.
“Whether we can get all the deals to pan out will be interesting to see,” Moser says. “There’s competition out there for these deals. We’re hustling as much as we can. You have to be at the right time at the right place and ready to go.”
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