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State Road 54 & State Road ...

Updated Oct 29, 2024

Pulte Homes Acquires 332 Acres In Pasco County For $16M
SOLDLand

Pulte Homes Acquires 332 Acres In Pasco County For $16M

State Road 54 & State Road 56 near Wesley Chapel

$16,000,000

Building Size

—

Asset Type

Land

Closing

Aug 7, 2023

About this deal

AI

Pulte Homes has made a significant acquisition in Pasco County, Florida, purchasing 332 acres of land near Wesley Chapel for a total of $16 million. The property, located at the intersection of State Road 54 and State Road 56, is set to be developed into a new community named Vida's Way. The planned development will consist of more than 700 homes and is expected to become a sought-after residential area in Pasco County. The expansive land offers ample space for various amenities and recreational facilities.

Summary of transaction details

  • Property Type: Land
  • Transaction Amount: $16,000,000
  • Address: State Road 54 & State Road 56, Wesley Chapel, Pasco County
  • Market: Pasco County
  • Buyer: Pulte Homes
  • Seller: DePue Family - Michael Nutt

Pulte Homes' strategic purchase in Pasco County reflects their commitment to expanding their residential developments in desirable locations. The company aims to create a thriving community within Vida's Way by including various amenities and recreational facilities. The planned features of the development include a windmill, clubhouse, pickleball courts, community garden, and walking trails. These additions will undoubtedly enhance the quality of life for future residents and contribute to the overall appeal of the area.

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$16,000,000

Land

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Players

PH
Pulte HomesBuyer
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Wesley Chapel Land Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.99%

Cash-on-Cash

-0.28%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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