Lennar buys 32 acres in south Miami-Dade

Company tied to iStar sold the site for $29k per acre

Jul.July 06, 2018 01:30 PM

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.

Related Articles

The Eureka Drive site, Deme Mekras, Elliot Shainberg

Garco buys Miami-Dade land for multifamily project

Arden home community and Stuart Miller

Lennar picks up 50 lots in western Palm Beach County

1075 Southeast Sixth Avenue and Arnaldo Bomnin (Credit: Google Maps)

Auto magnate sells a Homestead dealership for $19M

Lennar's Stuart Miller and a rendering of a Sierra Ranch home

Lennar closes on 89-acre Davie site for single-family home community

Daily Digest Miami

Here are the homes of Miami Heat’s elite, developer Steve Witkoff revealed as buyer of Sunset Islands home: Daily digest

Robert Castellano and 150-206 Inlet Way (Credit: Getty Images, Google Maps)

Robert Castellano buys three motels in Palm Beach Shores, plans condo project

Toll Brothers CEO Douglas C. Yearley, Jr. an a rendering of Avenir Community

Homebuilder Toll Brothers adds to portfolio aimed at active adult communities in Palm Beach Gardens

NextEra Energy CEO James Robo and the property off the Florida Turnpike at Southwest 261st Street (Credit: Facebook and Google Maps)

FPL buys 109 acres near Homestead for natural gas facility