Ronto Group, partners buy Orange Blossom Ranch, Groves

BUYER: RP Orange Blossom Owner LLC (Rockpoint Group LLC), Dallas
SELLER: OB 4 LLC
PROPERTY: a portion of Oil Well Road east of Immokalee Road, Naples known legally as Orange Blossom Ranch 2A and in SEC 13-48S-27E
PRICE: $7.59 million

SELLER: OB 6 LLC
PROPERTY: a portion of Oil Well Road east of Immokalee Road, Naples known legally as various lots, Orange Blossom Ranch, phase 1B and in SEC 13 and 14-48S-27E
PRICE: $3.26 million

SELLER: OB 3 LLC
PROPERTY: a portion of Oil Well Road east of Immokalee Road, Naples known legally as Orange Blossom Ranch, phase 1B and in SEC 13 and 14-48S-27E
PRICE: $2.96 million

SELLER: OB 2 LLC
PROPERTY: a portion of Oil Well Road east of Immokalee Road, Naples known legally as various lots, Orange Blossom Ranch, phase 1A and in SEC 13 and 14-48S-27E
PRICE: $748,800

SELLER: OB 5 LLC
PROPERTY: a portion of Oil Well Road east of Immokalee Road, Naples known legally as various lots, Orange Blossom Ranch, phase 1A and in SEC 13 and 14-48S-27E
PRICE: $702,000
LAW FIRM ON DEED: Bolaños Truxton PA, Fort Myers

PLANS, DESCRIPTION:
The Ronto Group and its equity partners, including Boston-based Rockpoint Group LLC, purchased the partially developed Orange Blossom Ranch and Orange Blossom Groves communities for $15.26 million.

Lots sold for $900 a front foot and the raw land sold for $62,000 per acre.

The property includes a total of 120.6 acres of fully entitled and zoned residential land housing two gated communities with 78 fully developed and 68 partially developed lots. The site also included developed community amenities, roads and entryways.

Anthony Solomon, executive vice president of The Ronto Group, says the purchase was just the first half of a planned 300-acre acquisition.

“We believe in the growth in northeast Naples,” he says. “The area along Immokalee [Road] is a major growth corridor. This is also one of the only places in Naples were you have continuing school growth adjacent to residential, which makes it very attractive. We think its is a perfect location for moderately priced housing.”

The entire 300-acre planned-unit development is approved for 1,600 residential units, of which about 300 units have been occupied, developed or partially developed. The new ownership plans primarily single-family homes and potentially townhomes. It expects to sell off individual lots to homebuilders.

In the near term, Solomon says the new ownership will focus on selling off the developed lots to builders and completing and selling off the partially developed lots while it puts together its larger plans for the undeveloped portion of the property.

Randy Thibaut and William Rollins of Land Solutions Inc. brokered the sale.