Two land deals worth nearly $8 million have been closed in Oakland, a small suburb west of Orange County. The transactions involved two prime properties as well as two entities linked to a Windermere agent.
Orlando Business Journal confirmed that one transaction is linked to a project to build high-end new homes. The other could be a precursor to future investment in commercial projects.
According to Orange County records, Oakland West Five Zero LLC purchased six parcels on the south side West Colonial Drive totaling approximately 21 acres. This is about half a mile east of the Florida Turnpike interchange.
Property Resources LLC was the seller, which is an entity that has a relationship with William R. Jordan who owns Winter Garden's Independence RV.
On May 5, Orange County documents show that Briley Land holdings LLC had paid $4.5million to a grouping of six entities connected to Jefferson Voss, and the Briley Family. The deal involved 23 parcels of land totaling 45 acres on the north side of town, south of Lake Apopka, and northeast of Oakland Nature Preserve.
Florida Division of Corporations Records show that both purchasing entities are registered with Windermere realtor Steve Healy of Corcoran Premier Realty.
Healy told OBJ he was the agent for two unnamed buyers.
Healy stated that the land on West Colonial Drive has a commercial zone and buyers are currently evaluating what they may do there.
The buying group saw that there was a long-term opportunity to grow in the area. This appealed them. They have no immediate plans, but ideas about the future of that large tract.
The executives involved in the selling entity did not respond to requests for comment.
The northern parcel was previously approved as part the larger 100-acre Briley Farms development which will feature 150 custom-built high-end homes.
Healy stated that the buyers intended to honor existing approvals of the land.
The Briley parcel is to remain in its original form, which was a beautiful community. The plan is for multiple custom builders to create product that blends architecturally into the town and fits with that beautiful parcel of land.
A representative of Dean Mead in Orlando, the law firm that represented various selling entities, refused to comment on behalf of the sellers.
Oakland, nestled between Winter Garden and Clermont on the westside of Orlando, has several vacant lots located along West Colonial Drive. Tractor Supply Co., a retail store that opened recently and Lakeside Church were among the recent developments on some of this land.
The housing market in Metro Orlando is still competitive, and buyers will welcome the new homes. Gigi Mourman, the owner of Orlando's iConnect Real Estate told Orlando Business Journal how market fundamentals, such as the low level of available homes, favor sellers.
According to the Orlando Regional Realtor Association, local home inventory increased by 1.9% in April compared to March and by 92.8% compared to the same period last year. However, the 1.86-month supply of available homes is still below the six-month supply experts consider necessary for a balanced housing market.
Moorman stated that "we're still dealing lower inventory and [buyers] are still dealing some competition."