The Real Deal Miami

Lennar Homes buys three Miami properties at steep discount

Builder paid just $11.7M for properties with mortgages valued at $23.5M

August 18, 2014 01:00PM

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A home in the Rivendell community

Miami-based homebuilder Lennar Homes has obtained three bank-owned home development projects in southern Miami-Dade County at a 50 percent discount.

TotalBank seized the properties in 2013 after engaging in four years of litigation with Crestview II and Marcial Solis over mortgages worth a combined $23.5 million, according to the South Florida Business Journal.

But three affiliates of the bank have sold the properties for a combined $11.73 million.

The largest transaction was the $7.29 million sale of a 27.9-acre vacant site, located at SW 136 & 162 Avenue.

And Lennar affiliate CV Parcel paid $2.5 million for SW 163 Avenue & 61 Lane, which contains 20 unsold and unfinished homes in the Rivendell community. Finally, a 10-acre site at SW 167 Avenue and 43rd Street sold to Lennar for $1.94 million. [SFBJ]Christopher Cameron

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