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South Florida

Lennar buys second phase of Celebration Pointe development site in Margate

Celebration Pointe was approved for 450 units

Celebration Pointe Apartments (inset: Stuart Miller)
Celebration Pointe Apartments (inset: Stuart Miller)

Lennar Homes, an affiliate of the Lennar Corp., just bought the second phase of a development site in Margate for $10 million, property records show.

Miami-based Celebration Pointe North LLC, led by Martha Fernandez, Carlos Garcia and Omar Fonte, sold the property on Coral Lake Drive. Records show the sellers bought the site on the southeast corner of North State Road 7 in 2015 for $7.5 million.

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The Celebration Pointe community was approved for 450 units. In 2014, the sellers of the 14.3-acre site scored a $32 million construction loan for a 282-unit apartment community, meaning Lennar can build up to 168 units.

In recent months, the prominent homebuilder purchased more than 77 acres of land in Homestead for $10.75 million. Its other notable purchases include acquiring 100 acres near the site of the planned American Dream Miami mega mall for $51 million in Hialeah in December.

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Commercial Real EstateLennarMargate