The Real Deal Miami

Lennar buys 32 acres in south Miami-Dade

Company tied to iStar sold the site for $29k per acre
By Keith Larsen | July 06, 2018 01:30PM

Lennar’s Stuart Miller (Credit: PxHere)

Lennar just paid $9.5 million for about 32 acres near Homestead, adding to the string of acquisitions the Miami-based homebuilder has made recently in south Miami-Dade County.

Records show a company tied to iStar Financial sold the three parcels at 11406 Southwest 248th Street, near the Florida Turnpike, for about $29,000 per acre.

IStar’s SFI Palm Tree Farms LLC purchased the lots in 2012 through a foreclosure.

Despite strong demand for affordable new homes, there remains a massive inventory shortage of new homes in South Florida and homebuilders are looking to build communities further away from the urban core.

In April, Lennar paid $4.5 million for 32.7 acres of farmland near Zoo Miami. Last summer, Lennar spent $10.75 million for about 77 acres in Homestead, just west of the Turnpike along Mowry Drive and Southwest 152 Avenue.

The company is now in the process of integrating CalAtlantic, which it acquired for $9.3 billion in February. The deal gave Lennar control of about 250,000 homesites in 21 states.

IStar Financial, a New York real estate investment company, has completed more than $35 billion of transactions, according to its website.