D.R. Horton buys lots for townhomes in Whittington Court

BUYER: D.R. Horton Inc., Tampa

SELLER: Pacifica Loan Four LLC

PROPERTY: Seminole Boulevard Whittington Court, Largo

PRICE: $2.19 million

LAW FIRM ON DEED: Broad and Cassel PA, Boca Raton

PLANS, DESCRIPTION: National homebuilder D.R. Horton purchased 73 townhome lots in Whittington Court for $2.19 million.

The price equated to $30,000 per lot.

Located near the Largo Mall, the community already has 34 existing townhomes. The community has infrastructure such as roads and sewers in place and a swimming pool and clubhouse.

Jill Carbonelli and Renee Dyer, of Prudential Commercial Real Estate FL, handled the transaction.

“The lender was private-equity money out of California, so it didn't make a lot of sense for them to go ahead and develop the property,” Carbonelli says. “But they were very bullish on it and were able to hold the property until the price came up a bit.”

Dyer says the sale solidifies that multifamily developed lots are attractive to investors and developers.