Golf Outing Tickets

The Real Deal Miami

Lennar buys 77 acres in Homestead for $10.75M

The development site was approved for single-family home development
By Amanda Rabines | July 11, 2017 01:00PM

Homestead Lennar’s Stuart Miller

Miami-based Lennar Corp. purchased more than 77 acres of land in Homestead for $10.75 million, property records show.

The prominent homebuilder in South Florida picked up four parcels of land bundled together along Southwest 152 Avenue and Mowry Drive, just west of the Ronald Reagan Turnpike. The sale breaks down to $3.19 per square foot.

Records show Treo Kingman, led by Otto Boudet-Murias, Rolando Delgado, Eduardo J. Garcia and Carlos A. Ortega of the Treo Group in Miami, sold the parcels of farmland. The Treo Group first bought the properties in 2013 for a total of $3.78 million.

Treo Group was formed as a partnership between American Realty Capital and TREO Partners, and focuses on “opportunistic” acquisitions in the Southeastern U.S., according to its website. Some of its South Florida projects includes a 100,000-square-foot development site in South Miami for which it paid $13 million last year.

Records show the Homestead development site was previously approved for single-family home development. Lennar could be bringing smart homes to the site. The company announced last month it’s partnering with Amazon to bring Alexa, Amazon’s smart personal assistant, into its homes’ designs.

Some of Lennar Corp.’s recent purchases in South Florida include acquiring 400 acres for its Parkland Bay project in Broward in April, and acquiring 100 acres near the site of the planned American Dream Miami mega mall for $51 million in Hialeah in December.