This purchase shows Kolter's financial strength, and its ability to purchase land in a difficult market. We believe the long term prospects for the southeast US are great for quality residential communities such as Vizcaya
West Palm Beach, FL (PRWEB) February 4, 2008
Kolter Land Partners has completed one of the largest acquisitions in the Port St. Lucie area, Vizcaya Falls, a luxury residential community of more than 500 developed homesites and luxury single-family homes, from Centerline Homes. The total purchase price for the property was approximately $20M.
The is the second large land acquisition Kolter Land Partners has announced in the past week, the first of which was the $45M acquisition of all of M/I Homes' Southeast Florida portfolio.
The purchase of Vizcaya Falls continues Kolter's aggressive acquisition strategy in Florida and the southeast United States.
The centerpiece of Vizcaya Falls is the lavish recreational complex anchored by a community clubhouse that is surrounded by a resort-style swimming pool and sand beach. Among the amenities within the clubhouse are a state-of-the-art fitness center, billiards room, card rooms, and a media center, augmented by a spacious covered veranda overlooking the pool, a poolside Tiki bar, and tennis courts. "This exceptional property is well-located with a complete array of amenities both onsite and at nearby PGA Village, the PGA of America's largest golf facility in South Florida, which features three championship level golf courses and the PGA Learning Center." says Jim Harvey, President of Kolter Land Partners.
"This purchase shows Kolter's financial strength, and its ability to purchase land in a difficult market. We believe the long term prospects for the southeast US are great for quality residential communities such as Vizcaya," says Harvey. "We look forward to future opportunities."
Kolter Land Partners (http://www.kolterlandpartners.com) is the land acquisition and development affiliate of Kolter Holdings LLC (http://www.kolter.com). Kolter Land Partners targets residential development projects in prime market locations in the Sunbelt. They are actively pursuing significant residential land positions in 2008 and have the capital resources to undertake any size transaction. Once the land is acquired, Kolter Land Partners focuses on providing a steady supply of finished lots at competitive prices to public and private homebuilders.
Kolter (http://www.kolter.com) is a private investment firm focused on real estate development, investment and construction. Since 1993, Kolter, as both sponsor and operator, has entered into over $9 billion of real estate transactions across multiple classes and geographies.