Developer Tim Gurner has acquired his fifth development site in Collingwood.
His plans are for about 170 luxury apartments will be targeted at owner-occupiers.
Mr Gurner acquired 23-33 Johnston Street in a $12 million off-market deal struck with the Martino Family.
Angelo Martino of Martino Properties will stay on as a joint venture partner of the 1800 sqm site.
It is the third Melbourne acquisition for the BRW Young Richlister this year.
He has also acquired sites in Fitzroy North and one in Prahran in partnership with the Smorgon family.
The latest acquisition adds $130 million in end value to Gurner's $2.6 billion development pipeline split between Melbourne and Brisbane.