Michigan's Allied Capital buys Tarpon Estates lots

BUYER: Tarphunt LLC, Kalamazoo, Mich.

SELLER: HWA Properties Inc.

PROPERTY: 6038, 6062, 6088, 6096 and 6091 Tarpon Estates Blvd., Cape Coral

PRICE: $2.55 million

LAW FIRM ON DEED: Anthony Gargano Esq., Fort Myers.

PLANS, DESCRIPTION: Kalamazoo, Mich.-based Allied Capital Corp. has purchased another five residential lots in Tarpons Estates for $2.55 million.

The price equated to $510,000 per lot.

The purchase gives Allied Capital Corp. and its president, Harry Albright, ownership of a total of 24 lots in the gated, waterfront section of Tarpon Pointe Marina.

Albright expects that homebuilders will start building homes this summer so they can market them by the end of September. Homes off the water will start in the $600,000s, and waterfront homes will begin at $1.5 million.

“In the upper end of the residential market there is a lot of activity,” he says. “This is one of the last gated, waterfront communities from Tampa to Marco Island. We can accommodate yachts up to 140 feet.”

Allied Capital will be the land developer for the project and will sell the lots to custom homebuilders.

Albright expects to develop the community over the next five years through a mixture of speculative and build-to-suit homes.