GL Homes buys 550-acre piece of Naples' TwinEagles development

BUYER: Naples Associates IV LLLP (principal: Maria Menendez), Sunrise
SELLER: TwinEagles AGR South LLC
PROPERTY: a portion of land on the south side of Immokalee Road, Naples
PRICE: $35 million
PREVIOUS PRICE: $3.45 million, September 2010
LAW FIRM ON DEED: Greenberg Traurig PA, Miami

PLANS, DESCRIPTION: GL Homes purchased the more than 550-acre southern section of the TwinEagles development for $35 million.

The price equated to $63,636 per acre based on the rough acreage.

GL Homes' public relations representative had no comment on the purchase at this time.

In late 2010, The Ronto Group and Angelo, Gordon & Co. purchased the 1,115-acre TwinEagles master-planned community in Naples in several pieces from The Bonita Bay Group for a total of $11 million. The acquisition included all common areas and available real estate, two championship golf courses, a 47,000-square-foot clubhouse and a golf academy facility. Since then, the owners and homebuilders have continued to develop the community.

According to its website, GL Homes' sole Fort Myers community is Botanica Lakes. The homebuilder also operates in the Riverstone community in Naples and Valencia Lakes community in Tampa.

The GL Homes purchase entity, Naples Associates IV LLLP, mortgaged the property to related entity Florida Residential Funding LLC for $17.5 million.