Seasons on Lake Lanier Purchased from Bankruptcy

Seasons on Lake Lanier, a large but incomplete active adult community on Lake Lanier has been purchased out of bankruptcy. The buyer was the Kolter Group, LLC a private investment firm based out of West Palm Beach, Fla.

The group's press releases says that they plan initially to focus on selling the existing inventory of homes.

The original developer Levitt and Sons, LLC went bankrupt in 2007 leaving a large stock of unfinished homes.. There are 14 fully furnished model homes, 45 complete or partially complete homes, 169 developed lots, 147 partially developed lots and 290 approved-but-raw lots. There are also 30 boat slips on Lake Lanier.

"The Kolter Group looks forward to working with the existing residents and the City of Gainesville to complete the vision for this stunning lakeside community," said Rick Covell, Sr. Vice President of The Kolter Group.