Lennar pays $14M for land at Arden
Lennar last year bought 90 lots in the community for $11.1M
Lennar Homes paid $13.7 million for land at Arden, a planned community in western Palm Beach County.
Records show Miami-based Lennar bought multiple lots through three deeds at 1226 Arden Park Drive from Highland Dunes Associates Property LLC.
Highland Dunes Associates Property is a Delaware entity tied to Boston-based Freehold Capital Management. Freehold has been developing housing projects in California, Georgia, South Carolina, Tennessee, Texas and Florida, according to its website.
Arden is described as an “agrihood,” a community centered around a 5-acre farm open to residents. Arden will have full-time farmers and allow residents to volunteer on the farm, according to its website.
Other developers, including D.R. Horton and Kenco Communities are also building homes at the 1,200-acre master-planned community.
Last year, Lennar also bought land in Arden: first 40 lots for $5 million and then 50 lots for $6.1 million. According to Arden’s website, Lennar is responsible for three different communities.
The most recent purchases, according to Arden’s community map, as well as the Palm Beach County Property Appraiser, is more of a green space surrounding a lake. Lennar was not available for comment.
Other developers are leaving the pricier urban areas of Palm Beach County and heading west. Minto Communities is building a 3,800-acre master-planned community with about 4,500 homes.