Neal Communities Acquires 797 Acres Of Land In Alva From Cary Duke And Povia Flint Families For $34.12M
14500 North River Road
$34,122,520
$1/SF
Building Size
34,717,320 SF
Asset Type
Land
Closing
Aug 10, 2026
About this deal
AI
The transaction involved 797 acres of land located at 14500 North River Road in Alva, which was sold for a total price of $34,122,520. The asset falls under the category of land, with development plans for a subdivision. Neal Communities, the buyer, intends to develop a 1,099-home subdivision on the property.
Summary of transaction details:
- Property Type: Land
- Transaction Amount: $34,122,520
- Buyer: Neal Communities
- Seller: Cary Duke Family & Povia Flint Family
- Buyer's Representative: Dan O'Berski, Scott Mersinger, Anthony Gambino, Rick Ikeler & Brooke Wood - Trinity Commercial Group
The deal was facilitated by a team of representatives from Trinity Commercial Group, highlighting their involvement in the transaction as they represented Neal Communities in acquiring the property from the Cary Duke Family and Povia Flint Family.
Players
Alva Land Market Snapshot
Boundary boundary · Land · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.46%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93