International group acquires Tuscany Reserve

AB Naples LLC bought the 470-acre Tuscany Reserve in Naples from WCI Communities, Inc. for $65 million. AB Naples, LLC, an international investor group has purchased the golf course community of Tuscany Reserve in Naples from WCI Communities, Inc. for $65 million, according to Collier County Clerk of Court records. The announcement came from Rainer Filthaut, the President of AB Tuscany Holdings, Inc., which is the parent company of the purchaser.

"The closing occurred on Thursday, May 15," said Filthaut, who was hired due to his extensive involvement in international real estate transactions and his 15 years of real estate experience in Southwest Florida.

The management group of AB Naples also includes Jeff Mangan, owner of J.R.M. Consulting, LLC and a long-time project and club manager in Southwest Florida, as well as Stacia Turner, who has considerable experience in the financial operations of club communities.

AB Naples, LLC was represented in the acquisition by attorneys Kevin Coleman and Matt Grabinski of Goodlette, Coleman, Johnson, Yovanovich and Koester, PA.

The purchase of Tuscany Reserve is the first venture in the United States real estate market for AB Naples, LLC. However, Filthaut confirms the company is looking for additional real estate investments in the U.S. market.

"The location and ambience of Tuscany Reserve, the quality of its Greg Norman and Pete Dye co-designed, world-class 18 hole championship golf course and the strength of the Naples and Collier County real estate markets were main factors in purchasing the community," Filthaut said.

Tuscany Reserve is a 470-acre community located on Livingston Road, between Immokalee Road and Bonita Beach Road, on the Collier/Lee county line. The community has been permitted for up to 530 homes of which approximately 30 have been built. Two condominiums, one villa and one single-family estate home remain available for purchase.

"We will focus on the extension of certain infrastructure needs into the future phases of the community, and this work will be our initial priority," said Filthaut. "We will also finish the design and construction of the clubhouse and intend to complete the facil- ity in a manner that will make the members and residents proud."

During the course of the next 12 months, Filthaut said the residential offerings within the community will be reviewed and new homes and floor plans will be introduced, all within the current price structure of $1 to $4 million. Additional preferred builders will also be welcomed into the community.

AB Naples, LLC, plans to re-launch the community in advance of the 2009 selling season and re-establish a solid trust factor with current residents, the Brokers and agents of the Southwest Florida real estate offices and potential new high-end buyers.

Filthaut added that the company needs time to evaluate and review every aspect and detail of the community and plans to take the next 12 months to do that.

"The buyer is fiscally sound and therefore has the luxury of taking its time to complete the community to the high standards that will set it apart as a very, very special place," said Filthaut.