Sovereign contracted to purchase two contiguous parcels in the Disney-area – a 13-acre tract owned by CNL Bank and a privately-owned 24-acre parcel – and began the process of obtaining the entitlements for a 300-unit residential subdivision and a 2-acre commercial outparcel. Within one year, Sovereign sold both parcels to an entity controlled by Westport Capital, an equity fund from Connecticut.
Sovereign acquired a non-performing mortgage encumbering 123 fully developed lots and an additional 60 acres with entitlements for 231 lots from Fifth Third Bank, completed the foreclosure process, took title to the underlying asset, and then sold the lots and undeveloped land to Royal Oak Homes, a local home builder, that was subsequently acquired by A/V Homes, a national builder based in Arizona. Home prices range from $195,000 to $250,000.
Sovereign teamed with Disney to market a 234-acre parcel in the upscale Horizon West area with zoning for 1,217 residential units, which sold to Meritage Homes, an Arizona-based national builder. Watermark is Meritage’s largest position in the Orlando area and features a 5,000 square foot clubhouse, a resort-style pool, and lakefront parks and recreation. Homes are priced from approximately $230,000 to over $500,000.
Recent developments completed by Sovereign Land Co.:
Sovereign assembled two contiguous parcels totaling 26 acres with entitlements for 63 residential lots to M/I Homes, a national builder based in Columbus, Ohio. Home prices ranged from approximately $330,000 to $620,000.
Sovereign sold a 155-acre parcel with entitlements for 356 homes to K. Hovnanian Homes, a national home builder based in New Jersey. Home prices range from approximately $230,000 to over $500,000.
Sovereign sold a 185-acre parcel in Horizon West, along with entitlements for 365 homesites, to Toll Brothers, the largest luxury home builder in the country, based in Philadephia. Lakeshore is Toll Bros. largest position in the Orland area and features homes priced from approximately $270,000 to over $1 million.
Sovereign Land Co.
1133 Louisiana Avenue Suite 208 Winter Park, Florida