Homes By Towne buys land for 360-unit apartments for $5.9M

LAKEWOOD RANCH -- Homebuilder Homes By Towne spent big last week for a chunk of Lakewood Ranch that will soon be home to a big, new apartment complex.

On Aug. 19, the Wisconsin-headquartered company paid $5.94 million to Schroeder-Manatee Ranch, the master developer of Lakewood Ranch. According to Manatee County records, Homes By Towne purchased more than 46 acres in the transaction. The acreage was part of a 630-acre parcel owned by an SMR subsidiary, records show.

Homes By Towne plans to build its 360-unit Echo Lake Apartments complex on the property. Wes Thompson, a spokesman for the company's regional office in Lakewood Ranch, said a start date for the project has yet to be determined.

To be built off 44th Avenue East near Lakewood Ranch Commerce Park and Gullett Elementary School, the complex will consist of a dozen apartment buildings and include a clubhouse and other amenities. Each building will contain 30 apartments ranging in size from about 700 square feet for a one-bedroom apartment to more than 1,300 square feet for a three-bedroom. The buildings will be arranged around a manmade lake.

Leases will be market rate but have not yet been announced.

Nearby developments include the planned DiVosta at Lakewood Centre, a 435 single family community, and Indigo, a subdivision being built by Neal Communities.

A new road, Wood Fern Trail, will be built to connect the apartment complex with 44th Avenue East.

Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027.

or on Twitter@MattAtBradenton.

This story was originally published August 26, 2015 at 12:00 AM with the headline "Homes By Towne buys land for 360-unit apartments for $5.9M ."