Sun Terra Communities, Jen Partners building community for Homes by WestBay

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

SELLER: SouthFork East Properties LLC

PROPERTY: South Fork Village 3 north of County Road 672 and south of Big Bend Road, Riverview

PRICE: $1.93 million

PREVIOUS PRICE: $300,000, February 2012

LAW FIRM ON DEED: Bayshore Title Insurance Agency, Tampa

PLANS, DESCRIPTION: Oviedo-based developer Sun Terra Communities and its financial partner, New York City-based Jen Partners, purchased 82.51 acres of vacant land for $1.93 million.

The price equated to $23,331 per acre.

Sun Terra Communities plans to start soon on a development of 111 home lots on the site to be sold to Homes By WestBay.

“It's probably going to be five months before they can build models,” says John Kraynick, a partner in Sun Terra Communities. “We expect to have lots completed within six months. Right now, we are using the name of South Fork Village 3, but there will likely be another name for marketing later.”

Kraynick says when Homes By WestBay finds desirable future communities it contracts with Sun Terra Communities and Jen Partners to develop the community for it.

Most of the lots in the new community will offer views of a pond or wetland preserve.

Homes by WestBay expects to offer homes ranging in size from 2,300 to 4,489 square feet.