Home builder DR Horton Inc. bought 20 acres of vacant land near Florida City for $6 million.
The seller, Newport Development Partners, had acquired the land in 2015 for $1.3 million.
The 20-acre property is at the southeast corner of Southwest 336 Street and Southwest 172 Avenue, just east of the Florida Keys Outlet Marketplace in Florida City, near the last exit on the southern leg of Florida’s Turnpike.
Newport Development Partners, managed by Luis Armona and Alex Meruelo, owns nearby land with 208 home sites for a development called Cedar at Keys Gate.
Ralph Roca, who runs the South Florida operations of DR Horton, was unavailable for comment.
According to its website, DR Horton has 10 residential communities in Miami-Dade County, including nine in South Dade, which has the county’s largest supply of vacant land for home building. [South Florida Business Journal] – Mike Seemuth