The Real Deal Miami

Canadian home builder buys Boynton Beach lots for new community

13th Floor Investments affiliate sold the 30 home lots for $5.5M
By Keith Larsen | June 12, 2018 01:45PM

Mattamy Homes CEO Peter Gilgan

UPDATED 2:30 p.m., June 12: 13th Floor Investments sold 30 lots in a Boynton Beach community to Mattamy Homes for $5.48 million, property records show.

Mattamy Homes, the largest privately owned home builder in North America, purchased the lots off of South Jog Road and Lakeside Boulevard in Boynton Beach for about $183,000 per home site. The parcels will be part of the Canadian home builder’s Enclave at Boynton Waters development.

13th Floor Investments, a Miami-based real estate investment firm, purchased the property in 2016 as part of a larger $8.75 million sale in a bankruptcy case, records show. 13th Floor purchased 39 lots in the Enclave from homebuilder John B. Kennelly after eight companies tied to Kennelly filed for Chapter 11 reorganization in 2015.

Tony Palumbo, director of land acquisitions for Mattamy’s Southeast Florida division, said the company plans to build 70 single-family homes on the site, which includes land it previously acquired.  The developer will launch sales in December. Prices will be in the mid $600,000s.

Mattamy builds townhomes to large-lot single-family detached homes, which range in price from the $170,000s to more than $700,000. In the U.S., the company has offices in Charlotte, Raleigh Durham, Phoenix, Tucson, Jacksonville, Orlando, Tampa, Sarasota, Naples and Southeast Florida.