A residential community with 250 town homes and 458 single-family houses is slated for Howell Branch Road in south Seminole County.
Meritage Homes Corporation bought more than 200 acres on Howell Branch Road and east of Semoran Boulevard to develop a community being called Hawk’s Crest. The purchase price was about $40 million, property records show.
New homes will have 1,600 to 5,200 square feet with three to six bedrooms. Prices are expected to range from $260,000 to $635,000 with sales starting in late 2018 and closings planned for early 2019, according to the company.
South I-Drive acreage sells
Windermere resident Alessandro Da Silva Oliveria purchased 9 acres of vacant land on South International Drive, Orlando, from the Southeastern Conference Association of Seventh Day Adventists Inc. for $950,000. The religious nonprofit plans to reinvest the proceeds to build a church at an undetermined Orlando location, according to a news release. NAI Realvest Partner Paul P. Partyka represented the seller and Marcelo Cruz, of Selecta Realty, represented the buyer.
Progressive office sale
The latest in a series of Maitland office sales was New York-based DRA Advisors’ sale of the local headquarters for Progressive Insurance at 901 N. Lake Destiny Drive to a Vancouver company for $14 million. Located at 901 N. Lake Destiny Drive, the building has 158,654 square feet. CBRE‘s Ron Rogg and Chip Wooten represented the seller.
Kissimmee apartments sell
Chandler Residential purchased Lake Tivoli Apartments, with 384 units at 851 Lake Tivoli Blvd., Kissimmee, from a group managed by Anup Vasisht for $49.5 million, records show. The property was 97 percent leased with 36 two-story buildings and amenities including lakeside deck, pool, tennis, racquetball, basketball, clubhouse, fitness center, spa and private garages.CBRE’s Shelton Granade, Luke Wickham, and Justin Basquill represented the seller.
Fractured condo sale
Berkadia secured a $20.82 million bridge loan for ESG Kullen to purchase 145 units at Discovery Palms, a condo community at 12806 Madison Pointe Circle in Orlando’s Lake Buena Vista area. The real estate investment firm purchasing the residential property specializes in repositioning condominium projects “fractured” with renters and owners, including owner occupants. Berkadia South Florida Managing Director Christopher Apone and Senior Managing Director Charles Foschini, arranged the three-year, floating-rate loan. Built in 2003, Discovery Palms is on International Drive.
Sanford school plans
The Seminole County School Board selected C.T. Hsu + Associates for architectural and engineering design services on the renovation of Pine Crest Elementary School in Sanford. Following some demolition, plans call for increasing capacity from 732 students to 837 students with two remodeled classrooms and 90,000 square feet of new construction.
Boat detail tenant
High-end boat detailer/painter Aqua Dip Graphix leased 2,100 square feet at Benson Junction CommerCenter, at Benson Junction and Shells Road in DeBary. Lincoln Property Broker Sean DuPree represented the landlord. Also at the center, DuPree signed tenants Direct Millwork & Furnishings Inc. and Blue Moon Services, which is also known as Control Freak Suspensions.
mshanklin@orlandosentinel.com or 407-420-5538
