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Raymond Farm property changes hands for $4 million

Monday, Aug. 4 | By Mark Grandstaff | Google+
A 64.5-acre tract of land fronting the corner of Lee Highway and Dumfries Road changed hands for $4 million last week.

On July 30, New Jersey-based firm K. Hovnanian sold the Raymond Farm property to Mountain Real Estate Capital, a company that provides capital to residential land developers and homebuilders. K. Hovnanian had purchased the land for $4 million in June. The land is assessed for $2 million.

The property is zoned for 66 single-family homes, 23 on 5,000 square-foot lots and the remaining 43 on 10,000 square-foot lots, according to a final plat dated November 2013. Eight acres of space on the land would be zoned for public use. Developers would have to build their own waste treatment system for any homes built on the Raymond Farm property.

The land has been subject to developers' attentions for the past 15 years. At one point, plans were in the works to develop the land as commercial space. Both Target and Costco expressed interest in the site.

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