The Real Deal Miami

Lennar pays $74.4M for development site in Miami Lakes

Lennar bought 143 acres of the 155 acre-site, which includes a large lake

January 11, 2016 11:15AM
By Katherine Kallergis

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Miami Lakes site and Stuart Miller

Miami Lakes site and Stuart Miller

Lennar Homes has acquired a portion of 155-acre development site in Miami Lakes, records show.

The national homebuilder paid $74.4 million for the property, which is bound by I-75 on the west; Northwest 87th Avenue on the east; and Northwest 154th Street to the south. It includes a large lake.

The vacant land is zoned for multifamily development, according to Miami-Dade County property records. It’s the site of the future Royal Garden Estates, which the town of Miami Lakes replatted in 2013. F7-1 LLC, led by Betty L. Dunn, is the seller. Royal Garden would have 505 homes, which breaks down to 267 single-family homes and 238 townhouses, the South Florida Business Journal reported.

Dunn, who also owns nearby properties west of I-75, sold 143 of the 155 acres.

In December, Lennar bought a portion of Bonterra, a BBX Capital development site in Hialeah. The Miami-based homebuilding company paid $24 million for the 36-acre piece to develop more than 460 houses, townhomes and villas. And last week, Lennar paid $34 million for 151 acres in Royal Palm Beach to develop up to 385 single-family homes.

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