Halstatt Partnership, Codina-Carr buys Traditions in Grey Oaks

BUYER: CCC Traditions LLC, Coral Gables

SELLER: LDG South II LLC

PROPERTY: Traditions, the Golf Residences at Grey Oaks, south of Grey Oaks Drive South and east of Airport Pulling Road, Naples

PRICE: unlisted (deed transferred as part of Chapter 11 bankruptcy)

LAW FIRM ON DEED: White & Case LLP, Miami

PLANS, DESCRIPTION: The developer of Grey Oaks Country Club, Naples-based Halstatt Partnership, has joined with Coral Gables-based residential developer The Codina-Carr Co. to buy Traditions, the Golf Residences at Grey Oaks. The purchase price was not disclosed for the 37-acre property and was excluded from the deed because it was done as part of a bankruptcy.

The property includes 16 coach homes and most of the horizontal infrastructure, including roads for the entire neighborhood. Four of the homes are complete and the remaining 12 are under construction.

The neighborhood could be built-out to hold a total of 120 residences.

Halstatt Partnership is owned by the Sproul family, which is also part of the Barron Collier family.

“We clearly believe very strongly in the Grey Oak development, and we were very fortunate to be able to partner with such experienced developers as Armando Codina and Jim Carr,” says Halstatt's Katie Sproul. “We are hoping to have some product available for the fall.”

Sproul says The Codina-Carr will build all the homes in the Grey Oak neighborhood.

“We have always had an interest in the Naples residential market, which we consider one of the best high-end residential markets in Florida, and (we) are delighted with the opportunity to partner with Halstatt at Grey Oaks, the premier golf community in Collier County,” Jim Carr, president of Codina-Carr, says in a press release.