Business

Country Club East land sold for $20.3 million

Three homebuilders – WCI Communities, Stock Development and John Cannon Homes – recently made four property transactions in Country Club East at Lakewood Ranch.
Three homebuilders – WCI Communities, Stock Development and John Cannon Homes – recently made four property transactions in Country Club East at Lakewood Ranch. Herald file photo

Starwood Capital Group, a 25-year-old private investment group based in Greenwich, Conn., sold $20.3 million worth of land in the Country Club East at Lakewood Ranch community in mid-January.

Starwood has $52 billion worth of assets under management with nine offices worldwide, according to the company’s website. Starwood Capital Group is the company behind publicly traded companies such as Starwood Hotels & Resorts, Starwood Property Trust and TRI Pointe Homes.

The Country Club East sales were split between four transactions and three buyers. WCI Communities LLC, an affiliate company of WCI Communities Inc., purchased more than 90 lots for $15.1 million. WCI Communities is a master-planned community developer and homebuilder based in Bonita Springs. In September, WCI Communities merged with nationwide homebuilder Lennar Corp. for approximately $643 million.

WCI Communities had revenues totaling approximately $536.6 million prior to the merger, according to its 2015 annual report.

WCI Communities has several models of homes available and ready for sale in Country Club East. The company also owns property in the Bradenton community Tidewater Preserve.

The two other buyers are well-known Lakewood Ranch homebuilders, Stock Development and John Cannon Homes. Stock Development spent nearly $3 million on 15 lots through affiliated company SD CCE LLC. The company does most of its business in Naples but also builds homes in Bradenton neighborhood The Concession.

John Cannon Homes purchased 10 lots for $2.1 million. The Sarasota-based company builds homes in Sarasota’s Siesta Enclave as well as Lakewood Ranch. Homes by John Cannon also can be found in other Tampa Bay communities such as The Founders Club in Sarasota, MiraBay in Apollo Beach, Stonelake Ranch in Thonotosassa and The Islands on the Manatee River in Parrish.

Janelle O’Dea: 941-745-7095, @jayohday

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