Lennar Corp. paid $5 million to buy 40 new lots as part of an “agrihood” master-planned community in western Palm Beach County.
The Miami-based homebuilder bought the lots near Loxahatchee from a company tied to Pacific Investment Management Company (PIMCO), records show. Lennar will build new homes on the site that are part of a 1,200-acre master-planned community called Arden.
The development is referred to as an “agrihood” since it also has a five-acre working farm that will grow vegetables, herbs and flowers.
In addition to Lennar, three other homebuilders, Ryan Homes, Kenco Communities and Kennedy Homes are constructing homes in the master-planned community. Some homes have already been completed and 86 families have moved in so far, according to a Lennar spokesperson.
Lennar’s part of the master-planned community is called Lennar at Arden. With the 40 lots it just purchased the company will have bought a total of 126 lots so far, a spokesperson said.
Prices at Lennar’s community range from about $436,000 to about $498,000 with home sizes between 2,631 square feet to 3,555 square feet.
Lennar is the nation’s largest homebuilder. Homebuilders in South Florida are building properties further away from the urban core as land becomes more scarce, but the demand for single-family homes increases. Loxahatchee is about 30 minutes away from West Palm Beach and 35 minutes from Jupiter.
Nearby, Minto Communities is building a 3,800-acre master-planned community called Westlake with about 4,500 homes.