Washington, DC-based firm The Carlyle Group announced today it is partnering with Cleveland developer Cameratta Properties to develop a 5,700-acre planned community in DeSoto County, Florida.
Transactions of the deal were not disclosed, but Carlyle has a 50 percent stake in the project.
“Demand for planned communities is on the rise as people seek out environments that combine housing, shopping and recreation,” Robert Stuckey, managing director and head of Carlyle’s US real estate team, said in a statement. “We are confident this development will be well received by the community.”
Plans for the 9-square-mile tract include more than 10,000 homes, a town center, government offices, retail stores, office space, schools, houses of worship, a golf course, recreation facilities, athletic fields and walking trails.
Cameratta purchased the property in April 2006 from McCarlton Partners. Formerly known as the Carlton 2×4 Ranch, the property is located south of Arcadia, Florida, along two miles of State Road 31.
Both firms plan to invest in the acquisition and development of Florida real estate in the next three to five years, according to the statement.
Last month, Carlyle acquired a portfolio of four hotels in northern California. It has also recently invested in Finland and Italy through its second European real estate fund, Carlyle Europe Real Estate Partners II.