GreenPointe Communities buys Triple Creek land

BUYER: TC Venture 1 LLC (principal: Edward Burr), Jacksonville

SELLER: RC Properties VIII LLC

PROPERTY: a portion of Balm Riverview Road just south of Big Bend Road, Riverview

PRICE: $14.75 million

LAW FIRM ON DEED: Ruden McClosky PA, Fort Lauderdale

PLANS, DESCRIPTION: In its second major purchase in the Riverview area in the past month, Jacksonville-based developer GreenPointe Communities bought 1,038-acres for $14.75 million.

The price equated to $14,210 per acre.

The property, on Balm Riverview Road, just south of Big Bend Road and east of Interstate 75, is approved and fully entitled for a master-planned residential community called Triple Creek.

GreenPointe officials say the company plans to work with homebuilders to develop the existing lots and, as home demand increases, to be the master developer of the balance of the property.

The buyer was attracted to this property because of its location in what it calls one of the best performing submarkets in Florida.

The deal is similar, even in price, to the 932-acre Belmont community on Big Bend Road that GreenPointe purchased on March 31.

GreenPointe bought that entitled community with vacant land, finished homes and lots for 13.25 million, or $14.212 per acre.