Hearthstone Inc., a California-based residential land banking and investment firm, has purchased 361 residential lots in the Rookery master-planned community in southern Clay County for $19.29 million.
The acquisition was made through Rookery – Jacksonville, L.P., according to a special warranty deed recorded Aug. 7, with the land being a part of Rookery Phase 2B, according to Clay County Property Appraiser records.
Hearthstone specializes in residential land banking and joint venture financing for homebuilders.
The seller, CRE-JDG Rookery Owner LLC, lists a New York office associated with Cerberus Capital Management as its registered address on the deed, while state records show the LLC shares a Daytona Beach address with Jobalia Development Group, the developer of Rookery.
The transaction is the latest transfer of Rookery property involving CRE-JDG Rookery Owner LLC. In May, the company sold Rookery Phases 2C and 3A along Pearce Boulevard to 68V Rookery FL 2026 LLC for $7.025 million.
Rookery, just north of the First Coast Expressway, is a 560-acre master-planned community with D.R. Horton serving as the homebuilder.