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Flip this golf course: Hoyer Homes turns a profit on greens in Deerfield Beach
Developer sold Crystal Lakes Golf Club the day after buying it from Cabot Corp.
After settling a contentious lawsuit with its previous owner, developer Hoyer Homes just flipped the Crystal Lakes Golf Club in Deerfield Beach to Lennar Homes for $12.8 million
Just a day earlier, Hoyer had purchased the golf facility for $9.8 million from an affiliate of Cabot Properties. Earlier in the year, Hoyer filed a lawsuit against Cabot over a dispute of the contracted price. The lawsuit was settled with Hoyer paying the price Cabot demanded.
Records show an affiliate of Lennar Homes bought the 109-acre golf course at 3810 Crystal Lake Drive. Under its current development plan, Lennar can build up to 415 single-family homes and townhouses.
Lennar had also set its sights on building homes on the 212-acre Ocean Breeze Golf Club in Boca Raton, but plans fell through amid interest from the city to buy the facility and maintain it.
The Miami-based homebuilder is one of several developers buying golf courses in South Florida and converting them into single-family homes communities. Miami-based 13th Floor Homes plans to acquire the 140-acre, 18-hole Carolina Club championship golf course in Margate and transform it into a 350-unit residential community, with single family homes and townhouses.