Global Real Estate Group developing Callista Cay Loop

BUYER: Global Real Estate Trading SPV 1 LP, London, England

SELLER: WD Development LLC

PROPERTY: a portion of Callista Cay Loop, Tarpon Springs

PRICE: $1.75 million

PREVIOUS PRICE: $2.5 million, April 2005

LAW FIRM ON DEED: Carter & Clendenin PA, New Port Richey

PLANS, DESCRIPTION:
London-based developer Global Real Estate Group purchased a 5-acre multifamily townhome parcel on Callista Cay Loop in Tarpon Springs for $1.75 million. The price equated to $350,000 per acre.

The property included six developed townhomes, 62 townhome pad sites and 58 private waterfront docks with access to the Gulf of Mexico. Global Real Estate Group plans to start preselling the community soon to second homebuyers and investors in the United States, Asia, Canada and Europe.
Prices will start from $120 per square foot, equating to between $150,000 and $200,000, which it says is 30% below the original sales prices.

The buyer plans to finish the existing infrastructure first and start construction on the remainder of the 62 townhomes in late spring. Its goal is to have the community finished in nine months.

Kim Lohry of Commercial Asset Partners Realty represented the buyer.

"Multifamily rental has been fast and furious lately, but we're just now starting to see pads for new development come back,"Lohry says in a press release.

Created in 2011, Global Real Estate Group buys distressed multifamily assets with the goal of improving them and stabilizing the rental income. Its past projects include Gardens of Bridgehampton in Jacksonville, Bridgeford Crossing, Coco Plum Villas, Villas at Chanler in Orlando and Oak Trail Villas in Tampa.