Lennar buys Homestead Tract for $7M

Stuart Miller, Executive Chairman of Lennar (Getty, University of Miami)

A month after unloading a huge redevelopment site in Homestead, Lennar Homes picked up two large vacant parcels in the same city for $7.1 million.

The Miami-based homebuilder bought 27 acres bounded by Old Dixie Highway, Southwest 264th Street and Southwest 272nd Street, records show. The seller is Four Aces Properties V LLC, an entity managed by south Miami-Dade residential developer Pedro J. Adrian. In 2018, Four Aces paid $8.8 million for the vacant properties.

A Lennar spokesperson did not respond to requests for comment, including what the company plans for the site.

In August, Lennar sold a former mobile home park spanning 43 acres at 28600 Southwest 132nd Avenue in Homestead for $23.2 million. The buyer, an affiliate of Scottsdale, Arizona-based AGWIP Asset Management, paid about $6 million less than Lennar’s purchase price for the property in November. Lennar had planned to build a residential community with homes and townhomes starting in the $200,000s.

In January, Lennar bought 31 acres at 13400 Eureka Drive near Zoo Miami in south Miami-Dade. The company submitted plans for as many as 80-single family homes on 15 acres of the development site, according to documents filed with the county. Lennar paid $7.7 million for the land.

The publicly traded company is also making a big push in Broward and Palm Beach counties. Recently, Lennar bought nearly 16 acres in Coral Springs for $8.5 million. The site is approved for 147 townhomes. Last year, the company snagged a 110-acre site in Delray Beach that is zoned for 524 residential units. Lennar paid $28 million.

Lennar reported $831.4 million in second quarter earnings for the period ended May 31, up 61 percent from the second quarter of 2020.

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