Sabal Development, a Miami-based builder and developer who specializes in luxury custom homes led by Pascal Nicolai, has sold a 433,422 SF, 10.17-acre, parcel located at 8290 SW 120th Street in Miami, Florida for $24.5 million to Lennar Homes. The off-market transaction closed on March 23, 2022 with no listing agents involved.
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Lennar Acquires Pine Isles Mobile Home Community In Homestead For $29 Million
Lennar Homes (NYSE: LEN) has acquired the former site of Pine Isles Mobile Home Community in Homestead for $29 million. The property is located at 28600 SW 132nd Ave. and spans 42.7 acres. Pines Isles Mobile Home Community serviced seniors and was disbanded in 2019 before the site was rezoned for the development of 456 single-family homes.
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Lennar Acquires 209 Home Lots In Delray Beach's Avalon Trails Community From 13th Floor Homes
Lennar Corp. (NYSE: LEN) has acquired 209 home lots from an entity tied to 13th Floor Investments in the Avalon's Trails community in Delray Beach for $27.64 million. The price pans out to roughly $132,000 per lot and the seller may be eligible to participate in the success of the project where homes are priced from the mid-$300,000’s.
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Lennar Locks Down $44.8 Million Construction Loan For Wynwood Green
Lennar has locked down a $44.8 million construction loan for Wynwood Green, an 11-story, 189-unit residential rental apartment building which will also feature 17,000 SF of commercial space and 324 parking spaces. The loan was provided by Santander Bank.
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Galium Capital Lists Stabilized Portfolio of 35+ Single-Family Homes Across South Florida For $10 Million
Galium Capital announced today the listing of a 35+ single-family home portfolio across South Florida for $10 million. The stabilized portfolio features homes which are located across several Lennar communities in cities such as Doral, Homestead, Coconut Creek, Stuart, Miami and Hialeah.
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Lennar to Sell Rialto to Stone Point Capital for $340 Million
Miami-based Lennar Corporation announced last week that it will sell its investment and asset management division, Rialto, to private equity firm Stone Point Capital. This move may be part of Lennar’s strategy to focus solely on homebuilding.
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Lennar Files Plans For Wynwood Green, A Rental Project Replacing Wynwood Yard
America's largest homebuilding, Lennar (LEN), has submitted plans to build Wynwood Green, a 189-unit rental apartment complex at the site of Wynwood Yard. The project would rise 11-stories on the 1.26 acre site and is designed by Dorsky + Yue.
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Stuart Miller Steps Down As CEO Of Lennar, America's Largest Home Builder, To Become Executive Chairman
Lennar has undergone a major shake-up at the management level as longtime CEO Stuart Miller has stepped down as CEO, to be replaced by Rick Beckwitt, and will resume his role with the company as Executive Chairman.
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Seventh Street Apartments Miami Worldcenter | Photo via TheNextMiami
Weekly Construction & Real Estate News Round-Up 12/28
- Santander Bank and Fifth Third Bank have issued an $89 million for the first tower at Miami Worldcenter’s Seventh Street Apartments. The first phase of the project includes 444 units in a 43-story tower and a second tower is planned with 413 units.
- Gil Dezer won court approval for the $28.5 million purchase of a Hillsboro Beach development site, which is being sold out of bankruptcy by embattled home builder John Kennelly.
- Swedish firm Contentus AB has purchased Related Group’s newly built Davie apartments for $59M.
- Nightingale has paid $80M to purchase Miami Beach’s Lincoln Place office building which is fully leased to LNR Partners until 2021.
- Lennar has completed the purchase of another development site at American Dream Miami for $51M to add to their adjacent lot immediately south which they paid $41M for in January. Their total invested in the assemblage is now $96 million.
Lennar CEO Aims to Build One-Of-A-Kind Mega-Mansion at 11 Star Island
11 Star Island is set for a major upgrade. Lennar CEO Stuart Miller has submitted plans to the Miami Beach Board of Adjustment to build a 70K SF+ development with over 45K SF under A/C. Only a height variance stands in the way as the board approved most of the variances earlier this summer. The mansion will include a lagoon surrounding the main house, lush gardens and landscaping, a dock, guest house and underground parking for 32 cars designed by DOMO Architecture. Miller is also building another mansion at 22 Star Island, and the community has seen a great deal of major luxury-housing development in recent years.