Landeavor Begins Bogue Watch Rebirth

MOREHEAD CITY, N.C., April 18, 2013 /PRNewswire/ -- Bogue Watch is coming back to life, just as its new owners promised last May when they acquired the 196-acre marina community on the Intracoastal Waterway near Morehead City, NC.

Landeavor LLC of Tampa and Walton Street Capital L.L.C. of Chicago today announced the sale of 65 homesites in Bogue Watch to Savvy Homes of Raleigh, NC.

According to Adam Lorry, principal of Landeavor LLC, Savvy Homes will begin construction of a model home immediately, with completion expected by summer. Prices in the new neighborhood will start in the low $300's, he said.

The community will ultimately be home to 241 families, representing a total capital investment in excess of $80 million.

"This is the first step in the rebirth of the Bogue Watch community," Lorry said. "Savvy Homes is a highly experienced home builder with a proven track record of delivering quality, craftsmanship and exceptional value.

"Their decision to build in Bogue Watch adds validity to our efforts to rebrand the community and capitalize on its beautiful water frontage, proximity to Carteret's best schools and its comprehensive amenity package," he added.

Community amenities include a 4,600 square foot clubhouse and swimming pool. Permits have been approved for a marina on the Intracoastal Waterway with 29 slips.  In addition, work begins this spring on a kayak launch, a kids' playground, new entrance monumentation and community landscaping.

Bogue Watch was acquired last May month by the joint venture between Landeavor LLC of Tampa and Walton Street Capital L.L.C. of Chicago from a national bank. It was originally launched in 2007, but fell victim to the 2008 housing market meltdown.

About Landeavor
Landeavor, LLC (www.landeavor.com) is a national real estate investment and development company headquartered in Tampa, FL with offices in Atlanta, GA., Charlotte, NC. and Raleigh, NC.  The company specializes in the development of master planned residential and resort communities as principal developers or through joint ventures. 

About Walton Street Capital
Since its founding in 1994, affiliates of Walton Street Capital have received equity commitments of over $5.7 billion from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts and high net worth individuals.  Affiliates of Walton Street Capital have invested and/or committed to invest over $4.0 billion of equity in more than 200 separate transactions.

SOURCE Landeavor, LLC