Davis Development buys land for Venue at Lakewood Ranch

BUYER: Venue Sarasota Investors LLC (Morrow Investors Inc.), Stonebridge, Ga.

SELLER: Schroeder-Manatee Ranch Inc.

PROPERTY: Northwest corner of Lakewood Ranch Boulevard and Health Park Way, Lakewood Ranch

PRICE: $3.4 million

TITLE FIRM ON DEED: University Title Services, Lakewood Ranch

PLANS, DESCRIPTION: Davis Development purchased 8.5 acres across from Lakewood Ranch Main Street for $3.4 million.

The price equated to $400,000 per acre.

The Stonebridge, Ga.-based multifamily developer has plans to develop three- and four-story buildings with 237 total units. The apartment development will be called The Venue at Lakewood Ranch. Its amenities will include a fitness center and swimming pool.

The new complex will join Lakewood Ranch's two existing apartment communities: Colonial Grand and Lost Creek Apartments. Lost Creek, located across from Manatee Technical Institute and Lakewood Ranch High School off Lakewood Ranch Boulevard, opened in January and reached 100% occupancy within about six months of opening.

“I think the runner pool and the type of product is significantly different than Lost Creek, and I think it's a perfect fit for our Town Center,” Brian Kennelly, president of LWR Commercial Realty, says in a press release. “[It's] immediately across the street from Main Street for shopping and dining and adjacent to the hospital. I think we're going to have people that work on the ranch renting these apartments.”

Davis Development and its sister company, Morrow Construction, develop, construct and manage apartment communities. The two have developed more than 30,000 units and are managing another 10,000 units. The developer is currently working to open its first Florida community, the Venue Emerald Coast in Destin.

— additional reporting by
Pam Eubanks, correspondent