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

Lennar will build 79 single-family homes on the land

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.


Related Articles

From left: Bastian Laggerbauer and Harry Blyden, with 5400 South University Drive

Argentine investor pays $11M for Davie office complex

D.R. Horton CEO David Auld with a photo of a D.R. Horton multifamily home and rendering of the Arden planned community 

D.R. Horton to build homes in western Palm Beach County

Brent Baker and a Pulte single-family home

PulteGroup nabs 20 acres in Lauderdale Lakes for new home community

Centerline Capital Advisors President Craig Perry and 17101 Southwest 200th Street (Credit: Google Maps)

Centerline snags 90-acre dev site in south Miami-Dade

A rendering of Via Ventura and Stuart Miller (Credit: Lennar)

Lennar sells off part of its Via Ventura community

4001 Seminole Pratt Whitney (Credit: iStock)

Minto sells 35 acres of Westlake project

Frank Gore and his Davie home (Credit: Getty Images)

NFL’s Frank Gore lists Davie mansion

Rendering of Bridge Point 595 and Kevin Carroll

Bridge Development nabs $60M loan for Davie industrial project