Fifteen Group sells off last piece of Homestead townhome portfolio for $101M

Miami-based investment firm had acquired the units in bulk in 2014

Miami /
Apr.April 23, 2021 12:30 PM
Mark and Ian Sanders with the townhomes (Fifteen Group)

Mark and Ian Sanders with the townhomes (Fifteen Group)

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.






    Related Articles

    arrow_forward_ios
    MG3 Group executives (from top) Marcelo Saiegh, Hernan Leonoff and Gustavo Bogomolni with Everglades Preparatory Academy and Avant Garde Academy (MG3 Group)
    MG3 Group sells Florida charter school portfolio for $242M
    MG3 Group sells Florida charter school portfolio for $242M
    Renderings of Kevlar Gardens (Bellon Architecture)
    Miami-Dade rezoning paves way for 321-unit multifamily project in Homestead
    Miami-Dade rezoning paves way for 321-unit multifamily project in Homestead
    Donald R. Horton and a map of the development site (D.R. Horton)
    D.R. Horton advances 211-unit townhouse project in Pembroke Pines
    D.R. Horton advances 211-unit townhouse project in Pembroke Pines
    Al Garcia and Homestead-Miami Speedway (Getty, iStock)
    Homestead-Miami Speedway sells industrial site to Dallas developer
    Homestead-Miami Speedway sells industrial site to Dallas developer
    AHS Residential CEO Ernesto Lopes and AEW Global CEO Jeff Furber with 13700 Southwest 256th Street (Google Maps)
    Alphabet soup: AEW pays AHS $57M for Homestead apartments
    Alphabet soup: AEW pays AHS $57M for Homestead apartments
    7520 Southwest 100th Street in Pinecrest and Stephane Rosarion (FA Commercial; LinkedIn)
    Developer family pays $5M for Pinecrest townhouse dev site
    Developer family pays $5M for Pinecrest townhouse dev site
    Camilo Miguel Jr. of Mast and 1140 Southeast 24th Road, Homestead (Mast Capital)
    Mast Capital spends $51M on Homestead townhomes
    Mast Capital spends $51M on Homestead townhomes
    Stephen Marley with 27440 Southwest 187th Avenue (Getty, The Carroll Group)
    Jammin: Son of Bob Marley buys Homestead estate
    Jammin: Son of Bob Marley buys Homestead estate
    arrow_forward_ios

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

    Loading...