Jen Partners compensated $19.6 million for 19.3 acres in southwest Miami-Dade County that could be designed into a one-family home community by Lennar.
An affiliate of Jen, a New York-primarily based land banking firm led by controlling director Reuben Leibowitz, acquired the agricultural land on the southeast corner of Southwest 240th Avenue and Southwest 127th Avenue, information and Vizzda display. Lennar, a Miami-dependent nationwide homebuilder led by Co-CEOs Stuart Miller and Jon Jaffe, has an selection settlement that expires future 12 months to create the 19.3 acres into solitary-relatives house lots.
The seller, an affiliate of Carrollton, Texas-based mostly Onx Houses, has a pending application with Miami-Dade County to rezone the site, alongside with a neighboring property, to 60 units per acre, county documents demonstrate.
In 2022, Onx compensated $19.9 million for the 19.3-acre site, records exhibit.
Lennar is one of the most energetic homebuilders in South Florida, with a 75 percent industry share in Miami-Dade, Jaffe claimed throughout an investors’ earnings connect with on March 14.
Very last month, another land banking business, Garrett Enhancement Corporation, paid out $20.4 million for a 37.8-acre development internet site in Florida Town. Lennar has an option to purchase the land and establish 521 townhomes.
Lennar is also trying to find to establish 105 single-family properties on 36 acres in unincorporated southwest Miami-Dade County. Past thirty day period, the developer filed an software to establish the task with Miami-Dade County.
Lennar is also arranging a 166-single-household house growth in Lake Value on 105.6 acres acquired last 12 months by one more land banking business, Kennedy Lewis Expense Administration. Kennedy Lewis paid $48.9 million for the assets. Lennar also entered into an agreement with the vendor, Zuckerman Properties, to fork out an supplemental $11.7 million on a pro rata basis for each and every concluded dwelling that is sold to an conclusion consumer.
