Sun Terra, JEN Partners developing Hunter's Lake

BUYER: Jen Florida XVIII LLC (Jen IV GP LLC and Sun Terra Communities I LLC), Oviedo
SELLER: Hunter's Lake LLC
PROPERTY: 1325 Seffner Valrico Road, Seffner
PRICE: $3.35 million
PREVIOUS PRICE: $1.15 million, December 2009
LAW FIRM ON DEED: Fuentes & Krescher PA, Tampa

PLANS, DESCRIPTION: A joint venture of Oviedo-based developer Sun Terra Communities and New York City-based JEN Partners purchased 49.26 acres of pastureland for $3.35 million.

The price equated to $68,006 per acre.

The site, which is being called Hunter's Lake, is already approved for a single-family community with 80 home lots. The partnership is developing the property to sell lots to David Weekley Homes.

“That project is scheduled and ready to go,” says John Kraynick, a partner with Sun Terra Communities. “We plan to start next month. There are several existing lakes on the property and there will be seven lakefront lots. The rest will be a combination of 60- and 80-foot lots.”

Similar to the joint venture's recent purchase of 85.7 acres of pastureland at 725 Lithia Pinecrest Road, Brandon for $12.4 million to sell to Homes by WestBay, one of the main attractions is the property's infill location.

David Weekley Homes is expected to start construction in Hunter's Lake in six months with sales starting two to three months after that.