Landeavor and Walton Street Capital Purchase Residential Development in Naples
Naples, Fla. – April 12, 2010 – Landeavor, LLC, a land development firm with offices in Atlanta and Tampa, and Chicago-based Walton Street Capital, LLC have purchased Andalucía – a primary home community in Naples. The joint-venture partners bought Andalucía from DJMC Homes for an undisclosed amount. This is the second residential community investment Landeavor and Walton Street Capital have made in Florida as part of a long-term investment portfolio strategy.
“We are extremely excited about the opportunity to continue developing Andalucía,” said David Frame, managing principal of Landeavor. “Naples is an enormously popular real estate community with tremendous projected growth potential.”
Despite the real estate downturn’s impact on Florida’s economy, Frame has reason to be optimistic about the possibilities for Andalucía. According to an article in the Naples Daily News, lower prices have marginally increased home sales. This has breathed new life into residential real estate developments that were once stalled due to a loss of investment. While still cautious, developers are noticing that the opportunities created by the changes in residential real estate market landscape have piqued enough consumer interest to prompt investors to back once-halted projects.
Andalucía, located west of I-75 on Whippoorwill Lane, has 167 homesites on 78 acres. Landeavor is currently developing land plans and securing new builders. The community will begin selling detached single family homes from the mid-$300,000’s to $600,000 within the next 12 months.
About Landeavor, LLC
Landeavor, LLC is a full-service real estate development company with offices on Atlanta, Ga. and Tampa Bay, Fla. The company specializes in master-planned residential and resort development opportunities in the United State and the Caribbean, including principal development project as well as investments in joint ventures and land entitlement endeavors. Landeavor was established in 2007 by David Frame and Adam Lorry to fill a void in the marketplace, which was a company that had both real estate operating expertise and strong capital resources. Through its strategic alliance with Walton Street Capital, Landeavor bridges this gap, and is uniquely positioned to invest in, develop and/or manage a variety of planned communities in any stage of development.
About Walton Street Capital
Walton Street Capital, LLC is a private equity real estate investment firm based in Chicago, Ill. Since its founding in 1994, the firm has received total equity commitments of $5.7 billion from public and corporate pension plans, foreign institution, insurance companies and banks, endowments and foundations, trusts and high net worth individuals. Walton Street has invested and/or committed to invest almost $3 billion of equity in approximately 150 separate transactions. For more information, visit www.waltonst.com.
Media contact:
Glynn Murph
(404) 949-3776
glynn@eosmarketing.com
