Villages at Entrada sold to D.R. Horton
There is yet another owner of a proposed housing development in north Cape Coral where more than 700 new homes are expected to be built.
CoCo of Cape Coral LLC in Naples announced the sale of The Villages at Entrada, one of the largest fully permitted properties in Southwest Florida west of I-75, to D.R. Horton – the largest homebuilder by volume in the U.S.
D.R. Horton purchased the 317-acre, 721-lot fully permitted and platted single-family subdivision in Cape Coral located between Del Prado Boulevard North and N. Cleveland Avenue. The details of the sale were not disclosed.
Jessica Russo, sales and marketing director with Development Realty Inc., which represented CoCo of Cape Coral, said the deal was some four years in the making.
“They are America’s largest home builder and have a good presence in the area. I think it speaks volumes about the north Cape and the growth to the north,” Russo said. “I think they will make this one of their flagship communities.”
The Villages at Entrada was originally developed by Realmark Communities in 2006 and subsequently turned back over to the bank during the real estate downturn.
CoCo of Cape Coral acquired the land in 2012 and spent the next four years getting the property ready for sale through permitting and updating.
Currently, there is nothing on the property. However, since the sale, D.R. Horton has already applied to the city for its site development permits for their model homes, Russo said, of which there will be up to 30.
“It looks like they will be developing a presence there as soon as possible. About 60 percent of the lots are finished but there are no structures,” Russo said.
The Villages of Entrada includes a 3-acre amenity site for a clubhouse and pool area in addition to other common areas that could be designated for additional amenities. Preserves and lakes provide a backdrop as well as a multitude of premium views.
Jonathon Pentecost, division president of D.R. Horton in Southwest Florida, said the company plans to build homes in a premium community at a reasonable cost.
“New homes prices in Southwest Florida continue to be out of reach for many who work and live here. We have had great success with our Express brand of homes, meeting the needs of this growing market,” Pentecost said in an e-mail. “Entrada allows us to continue this inside a gated community with resort-style amenities.”
Pentecost said he plans to begin the project immediately, with further plans to be announced in the coming weeks. The property is considered to be prime, with shopping and schools within short access.
“It’s a great location with excellent access to Del Prado Boulevard and U.S. 41 and affords D.R. Horton the ability to build in a quick, timely manner,” said Paul Hardy, managing member of CoCo of Cape Coral in a statement.
Russo said with all the area has going for it, she’s sure things will go over smoothly.
“It’s been a pleasure to work with Horton and we wish them the best of luck. I’m sure they will do us proud and build it out quickly,” Russo said.
D.R. Horton was founded in 1978 in Fort Worth, Texas, and has operations in 78 markets in 26 states across the country. The company builds and sells homes and provides mortgage financing and title services for homebuyers through its mortgage and title subsidiaries.