Fifteen Group sells off last piece of Homestead townhome portfolio for $101M
Miami-based investment firm had acquired the units in bulk in 2014
Fifteen Group sold the last piece of its Homestead townhome portfolio for $101 million.
The Miami-based investment firm, led by brothers Mark and Ian Sanders, sold 157 units to an undisclosed bulk buyer, according to a release.
Late last year, Fifteen Group sold the 292-unit Seascape Pointe community, within the assemblage, to Mast Capital.
Fifteen Group had acquired the townhouses and townhouse lots, in the Keys Gate neighborhood, in 2014. The parcels were part of condo and homeowners’ associations, as well as a master association. Fifteen Group obtained control of the condo association and converted the units to rentals before selling them to Mast Capital.
Mast Capital is not the buyer of the remaining units at Palm Breeze at Keys Gate, according to a spokesperson. They are part of the homeowners association.
In 2019, Fifteen Group sold 216 townhouse lots to D.R. Horton, and between 2018 and 2020 it sold 32 individual townhomes. D.R. Horton did not immediately respond to a request for comment.
Justin Toal, managing director for Fifteen Group, said in a statement that the latest sale was one of the “most difficult, complicated deals” that involved land use issues and dealing with national homebuilders.
D.R. Horton is among the homebuilders active in south Miami-Dade, where both residential and industrial development remains strong. The company paid $11.5 million for more than 25 acres in 2019.
In November, Lennar Homes purchased a former mobile home park in Homestead for $29 million, with plans to build a new housing community.