A California investment firm has paid $19.3 million for 361 residential lots in the Rookery master-planned community in Green Cove Springs, locking in fresh inventory for homebuilder D.R. Horton just as the neighborhood's roads, water lines, and electrical systems cleared final city inspection. The deed for the Rookery Phase 2B parcel was filed in Clay County on August 7, 2026, tying together months of land transfers, municipal approvals, and highway construction across the fast-growing southern end of the county.
Hearthstone Inc., described as a California-based residential land banking and investment firm, made the purchase through an entity called Rookery – Jacksonville, L.P., according to Jacksonville Daily Record. The firm specializes in land banking and joint venture financing for homebuilders, a model that lets companies like D.R. Horton — which serves as Rookery's builder — secure finished lots without carrying the land directly on their own books. That capacity traces back to February 2026, when Hearthstone's platform owner, Five Point Holdings LLC, formed a land banking partnership with Blue Owl Capital Inc. called Owl-HP Finance LLC, with potential capital commitments scaling up to $1.7 billion over five years.
The timing lines up closely with local government action. Just three days before the deed was recorded, the Green Cove Springs City Council formally approved the closeout and infrastructure acceptance for Rookery Phase 2B townhome lots 480 through 615, verifying that roadway paving, electrical systems, water connections, and maintenance bonds were in place. Rookery sits just north of the First Coast Expressway, and the Florida Department of Transportation opened the final Clay County segment of that $1.8 billion toll corridor in late June, completing a contiguous link through the county to Interstate 10.
A Pattern of Multi-Phase Land Sales
The Phase 2B sale is not an isolated transaction. The seller, CRE-JDG Rookery Owner LLC, completed a separate $7.025 million transfer in May 2026 covering Rookery Phases 2C and 3A along Pearce Boulevard, selling that land to an entity called 68V Rookery FL 2026 LLC. CRE-JDG Rookery Owner LLC shares a Daytona Beach address with Jobalia Development Group, the developer behind Rookery, and lists a New York registered address associated with Cerberus Capital Management on the deed.
Rookery itself is a 560-acre master-planned community, with the underlying Planned Unit Development authorized for up to 2,100 total residential units, zoned with a cap of 30% townhomes and 10% duplexes, according to Green Cove Springs city records. A Community Development District was established in April 2024 to finance and maintain neighborhood infrastructure — stormwater systems, lighting, and amenities — for what was then planned as a 1,919-plus home development, per Clay Today. That special-district structure is what allows the project to fund roads and utilities ahead of homebuilding without leaning solely on city budgets.
What Buyers Will Find on the Ground
D.R. Horton's single-family floor plans at Rookery range from 1,245 to 2,499 square feet, with initial pricing starting at $292,400 and extending up to $399,900, per listings tracked by Zillow. Planned or under-construction amenities include a resort-style pool with splash pad, a fitness center, a dog park, and future pickleball courts.
The Rookery deal fits into a broader pattern of institutional buyers targeting southern Clay County. D.R. Horton and Lennar together accounted for nearly 5,500 home lots recently sold, under construction, or planned across Clay County developments as of late 2025, based on data reported by the Jacksonville Daily Record. Just north of Rookery, developer GreenPointe proposed a 3,300-home master-planned development in the Lake Asbury corridor in a June land rush, and rising home costs have already been squeezing local buyers, as Hoodline reported in February when Green Cove neighbors were flipping fixer-uppers amid climbing prices.
Industrial Growth Follows the Rooftops
Residential expansion in the area is also drawing commercial interest. Adjacent to Rookery along County Road 15A and the First Coast Expressway, a 281-acre site named Rookery Industrial is being marketed for up to 1.85 million square feet of industrial space across 187 developable acres, according to a LoopNet listing. The Clay County Economic Development Corporation offers incentive programs, including impact fee mitigations and REV grants, aimed at attracting exactly this kind of commercial development to the corridor.
Institutional money has been active elsewhere in Clay County too. Earlier this week, a Denver-based real estate investment trust closed a $38 million deal for a senior living facility on Fleming Island, underscoring how the county's growth is pulling in large outside investors across residential, industrial, and senior housing sectors alike.
