National homebuilder D.R. Horton has sold a vacant development site in Southwest Miami-Dade for $18 million, Miami-Dade County records show.
The developer sold a whopping 313.4 acres of land just east of Krome Avenue (Southwest 177th Avenue) and south of Southwest 104th Street.
Krome Avenue ASLI VIII, a company tied to Winter Park-based Avanti Properties Group, purchased both parcels: a 137.5-acre lot and a 175.9-acre lot. They’re west of Southwest 167th Avenue. The last recorded sales price is just more than $25 million in 2005, according to Miami-Dade County property records.
The buyer, an investment firm that focuses on land, development and finance, operates eight institutional funds. The firm is currently investing through Avanti Strategic Land Investors VIII, according to Avanti’s website. Investments typically range in size from $5 million to $35 million.
In May, D.R. Horton paid $5.9 million for a 12.5-acre vacant property in Oakland Park, in Broward County. The Fort Worth, Texas-based homebuilder operates in 27 states, according to its website. The company’s presence in South Florida totals 20 communities, including Venezia in Miami, Mandarin Lakes in Homestead, and Estates at Hunter Chase in Wellington. In April, construction began on D.R. Horton’s southeastern Florida regional headquarters in Coconut Creek.
Avanti Properties and D.R. Horton could not immediately be reached for comment.