Landeavor Acquires Four Communities in Carolinas
TAMPA, Fla., May 28, 2012 /PRNewswire-iReach/ -- Landeavor, a Tampa-based real estate investment and development company, has launched an aggressive expansion of its residential real estate portfolio.
The company has formed a joint venture with Walton Street Capital, L.L.C. of Chicago and their affiliates to acquire four premier residential communities in North and South Carolina from a national bank. Terms of the purchase were not disclosed.
"Our company has emerged as one of the most active acquirers of residential real estate in the country," said Adam Lorry, a Landeavor co-founder and principal. "We are aggressively looking for additional opportunities and proceeding at full bore with our long-range plans to acquire and reposition additional distressed communities."
The four acquired communities include a combined total of more than 3,200 homesites, a Nicklaus Design Group golf course, two marinas and additional family recreation amenities, according to Landeavor co-founder and principal David Frame.
The four communities are: 12 Oaks, a 687-acre, 1,812 home community in Holly Springs, NC, near Raleigh; Bogue Watch, a 196-acre, 287-home community in Emerald Isle, NC; Anchors Bend, a 129-acre 218-home community in Wilmington, NC; and McKewn Plantation, a 439-acre, 1,092-home community near Charleston, SC.
"These are four well-located and well-positioned planned communities that we know we can make succeed," Frame said.
Landeavor now owns six communities in the Carolinas, including Millbridge and Cureton in Waxhaw, NC, totaling in excess of 5,000 homesites.
Tampa-based Landeavor, LLC specializes in the development of master planned residential and resort communities as principal developers or through joint ventures. Through Landeavor's distinct alliance with Walton Street Capital affiliates, Landeavor is uniquely positioned to invest in or develop a variety of planned communities in any stage of development. For more information, visit: www.landeavor.com
About Walton Street Capital
Walton Street Capital, L.L.C. is a private equity real estate investment firm. Since its founding in 1994, affiliates of Walton Street Capital have received total equity commitments of over $5.7 billion from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts and high net worth individuals. Affiliates of Walton Street Capital have invested and/or committed to invest over $4 billion of equity in more than 200 separate transactions.
Media Contact: Jacqueline Hawkins Landeavor LLC, 813 961 7275, Hawkins@landeavor.com
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