86 Forest Glen lots sell for $2.15 million

BUYER: Jen Florida VII LLC (Sun Terra Communities I LLC and Jen Partners LLC), Oviedo

SELLER: Forest Glen Investments LLC

PROPERTY: a portion of land south of Palm Avenue and west of McMullen Road, Riverview

PRICE: $2.15 million

LAW FIRM ON DEED: David A. Bacon Esq., St. Petersburg

PLANS, DESCRIPTION: Oviedo-based developer Sun Terra Communities and its financial partner, New York City-based Jen Partners, purchased 86 single-family lots in the Forest Glen community for $2.15 million.

The price equated to $25,048 per lot.

“These lots are fully entitled and we will be commencing development upon them immediately,” says John Kraynick, a partner in Sun Terra Communities. “We have contracted to sell them to Homes by West Bay. Willy [Nunn, Homes by West Bay president,] brought the site to us.”

Kraynick expects home construction will start there in the next six to seven months. Along with a strong commitment from a homebuilder/buyer, Sun Terra Communities was attracted to the community's location in a good school district and large lot sizes.

The developer and its private equity real estate firm partner are currently looking for other home communities to develop in Florida. The partners also purchased the 150-lot Royal Palm community in Naples off Livingstone Road for $6.3 million, equal to $42,000 per lot.