An Atlanta company has paid $4 million for a dormant, high-end subdivision on Ebenezer Road in north Effingham County.
Joffe Land Companies will market lots in Ramsey Landing to individuals and will offer financing to builders who want to construct spec houses, said company president Howard Joffe.
The purchase of the subdivision, which is across the street from Ebenezer elementary and middle schools, was completed last week, he said Monday.
Coastal Bank owned the property, which was listed for sale for $5 million. The deal included 231 fully developed, single-family lots and 125 undeveloped acres, for a total of 361 acres.
The lots range in size from 0.5 acres to 1.34 acres. Much of the undeveloped land will be used for green space and walking trails, Joffe said.
Joffe is one of metro Atlanta’s largest land owners. Through various entities he has formed, he has purchased and manages 15,000 developed and master-planned residential lots, which are on more than 7,000 acres within 35 miles of downtown Atlanta.
Most of the lots were bought from banks after the recession, he said.
Joffe said he’s expanding his holdings throughout the Southeast and Ramsey Landing is the first property he’s owned in Effingham County. The land was attractive because of its proximity to the Savannah port and large Fortune 500 companies, he said.
Joffe said the financing deal he signed with Coastal Bank will help local builders and jumpstart the housing market in the area.
Adam Bryant, with commercial real estate advisors Sperry Van Ness, said 17 lots in the development were sold previously and were not included in the transaction. He said 12 of the 17 lots have existing homes.
Existing home prices range from $350,000 to $484,500 with previous lot sales of $132,000, Bryant said.
For more information about Joffe Land Companies, go to jlandco.com.