Ronto Group, partners buy second part of Orange Blossom Ranch, Groves

BUYER: RP Orange Blossom Owner LLC (Rockpoint Group LLC), Dallas
SELLER: Bryan W. Paul Family Limited Liability Limited Partnership
PROPERTY: 1950 Oil Well Road and 2478 Heydon Circle East, Naples
PRICE: $11.15 million

PLANS, DESCRIPTION:
The Ronto Group and other equity partners, including Boston-based Rockpoint Group LLC, have closed on the second portion of the partially developed Orange Blossom Ranch and Orange Blossom Groves communities. The buyers purchased the 186 acres of agricultural land for $11.15 million.

The price equated to $59,965 per acre.

The same buyer, RP Orange Blossom Owner LLC, previously purchased the first portion of the property, 120.6 acres, from OB 4 LLC for $7.59 million.

The entitled development included 78 fully developed and 68 partially developed lots and some community amenities, roads and entryways. It is approved for 1,600 residential units of which about 300 units have been occupied, developed or partially developed.

Anthony Solomon, executive vice president of The Ronto Group, says the new ownership plans to focus first on selling off the developed and partially developed lots to homebuilders. In the future it expects to create a community of primarily single-family homes and potentially townhomes as well.

Randy Thibaut and William Rollins Jr. of Land Solutions Inc. handled the transaction.