FAR HILLS, N.J., May 31, 2017 (GLOBE NEWSWIRE) — Mango Capital, Inc. (OTC:MCAP) today announces an agreement for the acquisition of an ownership stake in CBD at Bonnies Landing LLC. Consideration for the purchase consists exclusively of MCAP shares and is expected to close June 2nd, 2017. The investment is expected to yield a positive future income stream.
Bonnie’s Landing will be the location of 1,150 rental apartments. The 81-acre property is located off of 30th Street between Robinson and Grace Roads in Haines City, Polk County, FL across from the Haines City High School. The major Orlando area theme parks, including Disney, Universal and Sea World, are all within a 30 minute drive. The development will be built in four sections with construction expected to commence by the fourth quarter of 2017.
“We are excited to have Mango Capital join us in the ownership of Bonnie’s Landing. Combing Mango’s strong capital base with our strategic planning expertise, Bonnie’s Landing will be one of the largest, most desirable rental communities between Tampa and Orlando,” said David Waronker, Manager of Desert Mountain Land Holdings LLC. “The construction project is estimated to cost $126.2 million and add 2,700 full time jobs to Polk County, FL. Impact fees from the project will be over $9 million and a portion of these will help Polk County fund the construction of the new middle and high schools. Both schools are planned to be built in Davenport.”
“This transaction continues our business plan of growing via acquisition of real property using restricted shares in Mango as currency. We have some additional interesting opportunities in the pipeline as well, and are aggressively seeking more purchases to grow our balance sheet and to take Mango mainstream,” stated Mango President Rick Makoujy.
About Mango Capital, Inc.
Mango Capital Inc.