By: Collin Huguley | Charlotte Business Journal
A Florida residential developer has purchased hundreds of acres in Union County.
An entity affiliated with The Kolter Group bought 292.9 acres for just over $15 million between two purchases, according to county real estate records. The land is in the town of Wesley Chapel, and the sale was closed on Aug. 31, records show.
The Kolter Group’s website states it has a project in Wesley Chapel called Heritage. Kolter Land Partners is in the process of selling the land, which will include 435 single-family home lots, to Essex Homes, Eastwood and M/I Homes, according to its website. It also states the project will be a mixed-use development with single-family and patio homes, in addition to an age 55-plus community.
It is unclear if this recently purchased land is for the Heritage project or for another development entirely.
The land, which is located off South Potter Road, was purchased in deals with separate property owners. The Kolter Group bought 164.2 acres from the Lovell family for $8.4 million. It bought the remaining 128.7 acres from multiple parties for $6.6 million, records show.
The Kolter Group’s portfolio is mainly in Florida, Georgia, North Carolina and South Carolina. The firm, which is headquartered in Delray Beach, Florida, has assets in the single-family residential, condominium and hospitality sectors, according to its website.
SOURCE: Charlotte Business Journal