BOGUE — The new owners of the long-stalled Bogue Watch waterfront residential subdivision here are set to resume its development later this year.
The planned marina community originally launched in 2007 was a victim of the 2008 housing market meltdown and the bank took over ownership two years later.
The subdivision was purchased in April in a joint venture between Landeavor LLC of Tampa, Fla., and Walton Street Capital LLC of Chicago from a national bank. Terms of the purchase were not disclosed.
The total tax value of the subdivision, as of Jan. 1, 2011, was $27.73 million and included 426 parcels, according to the Carteret County Tax Office.
The company said its purchase includes 287 home sites on 196 acres, with a completed 4,600-square-foot clubhouse, fitness center, pool and tennis courts and permits for a marina with 29 slips.
Landeavor has offices in Atlanta, Charlotte and Raleigh and specializes in the development of master planned residential and resort communities as principal developers or through joint ventures.
Walton Street Capital is a private equity real estate investment firm that has invested or committed to invest more than $4 billion of equity in more than 200 separate transactions, according to the company. Since its founding in 1994, its affiliates have received total equity commitments of over $5.7 billion from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts and high net worth individuals.
Landeavor co-founder Adam Lorry said the Crystal Coast real estate market is beginning to recover and the new ownership team is confident its purchase has the potential to pay dividends.
“Bogue Watch is a well-conceived and well-located property with tremendous upside potential,” Mr. Lorry said. “Right now we’re developing plans to re-brand and reposition the community and capitalize on its beautiful water frontage, proximity to the county’s best schools and its comprehensive amenity package. We’ve been talking to builders and area real estate professionals to determine the best way to do that.
“We’re optimistic we’ll be ready to re-launch Bogue Watch by this fall,” Mr. Lorry said.
Landeavor’s portfolio also includes Anchors Bend, a 129-acre community in Wilmington on the Intracoastal Waterway, with 287 home sites. It is one of four communities in the Carolinas acquired by the Landeavor-Walton Street Capital joint venture, totaling nearly 3,200 home sites. The other communities include 12 Oaks, a 687-acre golf community in Holly Springs with more than 1,800 home sites and a championship Nicklaus Design Group golf course, and McKewn Plantation, a 439-acre community near Charleston, S.C., with more than 1,000 home sites.
“Our company has emerged as one of the most active acquirers of residential communities in the country and we are aggressively looking for other opportunities in the Southeast and throughout the country,” said Landeavor co-founder David Frame.
He said the company has a combination of real estate operating expertise and strong financial resources, “both of which are needed to acquire and reposition distressed properties in today’s challenging economic environment.”