Lennar Corp. purchased 309 townhome sites for $19.2 million as the homebuilder continues its buying spree in South Florida.
The Miami-based homebuilder purchased the lots at the 69-acre Arbor Parc community in Riviera Beach from BTI Partners. The property is located at 4046 Woods Edge Circle near Palm Beach Gardens. The rest of the 500-home community is owned by 13th Floor Homes.
Arbor Parc sits on a 10-acre lake, with three acres of green space and a mile-and-a-half of bicycle paths. Currently, 125 homes and townhomes have been sold or are under contract, according to a release.
Lennar’s three- and four-bedroom townhomes will range from 1,558 square feet to 2,086 square feet. Prices start in the mid $200,000’s.
In South Florida, demand is growing for entry-level home communities like Arbor Parc, due to rising home prices in Miami and Fort Lauderdale.
Fort Lauderdale-based BTI Partners has been active in Florida. BTI is currently building the Westshore Marina District, the second largest mixed-use community under construction in Tampa. The company is also currently acquiring more than 1,400 acres in Orlando, where it plans to partner with national homebuilders to develop a large residential community.
Lennar is one of the most aggressive land purchasers in South Florida. In February, Lennar paid $5 million to buy 40 lots in the Arden master-planned community in western Palm Beach County.