Lennar spends $28M for lots on former golf course in Delray Beach

Deal equates to $135K per lot

Miami /
Oct.October 12, 2020 01:35 PM
Stuart Miller & Mike Nunziata, with a rendering of Avalon Trials (Credit: Lennar Homes)

Stuart Miller & Mike Nunziata, with a rendering of Avalon Trials (Credit: Lennar Homes)

Lennar Corp. spent $27.6 million for a development site on a former golf course in Delray Beach.

The Miami-based homebuilder bought 204 lots from 13FH Avalon LP, or 13th Floor Homes, according to property records.

The deal equates to $135,294 per lot.

13th Floor Homes, an affiliate of Miami-based 13th Floor Investments, bought the land near 4800 Cumberland Drive two years ago for $5.4 million. The company later secured a $21.9 million loan from CIBC Bank to redevelop the 110-acre former golf course into Avalon Trails, a 55-plus, age-restricted community.

Avalon Trails is planned to have about 524 residential units, including single-family homes, villas and multifamily units, with prices ranging from the $300,000s to $500,000s. It will also feature clubhouses, resort-style pools, card rooms, gyms, business centers, game areas, tennis and pickleball courts, bocce ball, landscaped walkways, and lakefront park areas.

A number of developers have been picking up golf courses in South Florida in recent years to convert them into single-family home communities, including Pulte Group, Lennar and 13th Floor.

13th Floor Homes also bought a different shuttered golf course, earlier this year, for $5.6 million, also for an “active adult” community.

It’s been business as usual for Lennar, one of the country’s largest homebuilders, during the pandemic. Lennar reported untempered demand for homes, with a jump in orders, deliveries and earnings in Q3.






    Related Articles

    arrow_forward_ios
    Rey Grabato and 707 North Ocean Boulevard, Delray Beach (Linkedin, 707 Delray)
    NRIA CEO sells oceanfront Delray Beach spec home for $16M
    NRIA CEO sells oceanfront Delray Beach spec home for $16M
    189 Northeast Second Avenue in Delray Beach and The Oasis (Google Maps, iStock) 
    The Weekly Dish: Host Restaurants inks second Delray lease, Oasis Wynwood unveils restaurant lineup & more
    The Weekly Dish: Host Restaurants inks second Delray lease, Oasis Wynwood unveils restaurant lineup & more
    BH3 co-founders Daniel Lebensohn and Greg Freedman (BH3, iStock)
    Legal battle erupts over BH3’s public-private Delray Beach project inside Opportunity Zone
    Legal battle erupts over BH3’s public-private Delray Beach project inside Opportunity Zone
    North Delray Commons at 455 & 555 Northeast 5th Avenue in Delray Beach (Photos via Google Maps)
    Benderson buys Publix-anchored Delray Beach shopping center for $9M
    Benderson buys Publix-anchored Delray Beach shopping center for $9M
    U.S. Construction CEO John Farina and a rendering of 1625 South Ocean Boulevard
    U.S. Construction moves forward with boutique condo development in Delray Beach
    U.S. Construction moves forward with boutique condo development in Delray Beach
    344 North Ocean Boulevard with Kevin James (Getty, Elliman)
    “King of Queens” actor Kevin James returns to Delray Beach with $14M mansion buy
    “King of Queens” actor Kevin James returns to Delray Beach with $14M mansion buy
    Matthew Sodl and 800 Seagate Drive, Delray Beach (Google Maps)
    Investment banker drops $5M on Delray Beach spec home
    Investment banker drops $5M on Delray Beach spec home
    President and CEO at Caron Treatment Centers Doug Tieman with the units. (Google Maps, LinkedIn via Doug Tieman)
    Addiction treatment center operator pays $12M for Delray Beach apartments
    Addiction treatment center operator pays $12M for Delray Beach apartments
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...