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

Miami /
Sep.September 30, 2019 03:30 PM
Lennar's Stuart Miller and a rendering of a Sierra Ranch home

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

Lennar Corp. closed on an 89-acre development site in Davie for $18.6 million where it plans to build the home community Sierra Ranch.

Amzak International, led by David Schack, sold the property at 1950 South Hiatus Road to the Miami-based homebuilder, records show. Lennar secured $10 million in seller financing for the site.

Lennar was under contract to purchase the land as it was going through the approvals process to be able to build 79 single-family homes on the Sierra Ranch site. The company paid $235,000 per home site.

The property is west of Nova Southeastern University and south of I-595. It last sold in 2012 for $2.3 million.

The development will include a lake, preserve area and park. The homes will be one and two stories tall with five model options.

Lennar, one of the most aggressive land buyers among homebuilders, has been acquiring land in western Palm Beach and Broward counties, as well as in south Miami-Dade — all places where land is less expensive.

In August, the company paid $22.1 million for roughly 85 acres in Homestead that are zoned for 770 residences, including 117 single-family homes.

In May, Lennar purchased 309 townhome sites in Riviera Beach for $19.2 million.

Meanwhile, a number of indicators are pointing to a slowdown in the housing market.

While Lennar’s profit, revenue and home deliveries rose in the second quarter thanks to lower mortgage rates and strong incentives offered to homebuyers, the homebuilder also reported that tariffs on Chinese goods are costing the company an average of about $500 per home.

 

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