Agoura Hills, California-based American Homes 4 Rent paid $5.6 million for the 58.3-acre undeveloped Minorcan Mill subdivision in northwest St. Johns County.
American Homes 4 Rent, through AMH Development LLC, bought the property April 24.
St. Augustine-based St. Johns Investment Fund XVI LLC, led by local developers Lawrence Towers and Samuel Crozier, sold the property. It paid $2.09 million for the site in December 2018.
The land is along the north side of County Road 16A, across from the Arbor Mill at Mill Creek subdivision and northwest of Silverleaf Parkway
The St. Johns Investment Fund completed a land use amendment from agriculture to residential and changed the zoning from open rural to planned unit development in 2019.
Site development plans show a two-phase development of 125 lots, a park, private roads with a single entrance aligned with the Baltic Avenue entrance to Arbor Mill, and four stormwater ponds.
Jacksonville-based Dominion Engineering Group is the civil engineer for the development.
American Homes 4 Rent is a publicly traded real estate investment and management company specializing in single-family home rentals, with more than 50,000 homes in 22 states.
It buys and renovates existing houses and builds homes and single-family rental communities.
Jack Corrigan, American Homes 4 Rent chief investment officer, said the company looks “forward to developing a beautiful community of single-family homes that are consistent with the overall aesthetics and appeal of the area.”
“We are attracted to the location because our residents place great emphasis on the high-quality suburban living found in St. Johns County. Offering a lower maintenance lifestyle, flexibility and the appeal of a newly constructed community has proven to be a winning combination for us,” he said.
American Homes 4 Rent says its communities consist of “newly built single-family homes, resort-inspired amenities, stainless-steel appliances, modern floor plans and multiple finishes.”
Its other communities include Ravenswood and Windsong Acres near St. Augustine; Silver Creek Crossing, Trout River Bluff and Calebs Cove in Jacksonville; and Black Creek Village and Kindlewood in Clay County.
