Lennar sells former trailer park site in Homestead at a loss and buys Broward land

Miami-based homebuilder picked up a nearly 16-acre site in Coral Springs

Lennar’s Stuart Miller and 28600 Southwest 132nd Avenue (Google Maps, Lennar)
Lennar’s Stuart Miller and 28600 Southwest 132nd Avenue (Google Maps, Lennar)

UPDATED, Aug. 17, 10:48 a.m.: Less than a year after buying the site of a former mobile home park in Homestead for $29 million, Lennar Homes sold the property for $6 million less. It also picked up a site in western Broward County.

An affiliate of Scottsdale, Arizona-based AGWIP Asset Management paid $23.2 million for the 43-acre assemblage at 28600 Southwest 132nd Avenue in Homestead.

When Lennar bought the land in November, the company had put in plans to redevelop the site into a residential community named Pine Vista consisting of single-family homes and townhomes starting in the mid-$200,000s. The planned development also featured a clubhouse, a pool and a park. It is not clear if AGWIP will continue with the plans for Pine Vista.

A Lennar spokesperson did not respond to requests for comment.

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The Treo Group, a Miami-based real estate development company, sold the site to Lennar. The property was previously home to Pine Isle Mobile Home Community, a 55-and-older mobile home park. Treo notified residents they would need to relocate in 2019.

In a separate deal, Lennar also closed on nearly 16 acres of commercial land in Coral Springs. Lennar Homes LLC paid $8.5 million to Coral Springs Development LLC, an entity managed by Jeffrey Greenberg, for the development site at the northeast corner of Wiles Road and Coral Ridge Drive, property records show.

It is approved for 147 townhomes, according to Roberto Susi of Axiom Capital Advisors. Susi brokered the off-market deal.

Last year, Miami-based Lennar bought a 110-acre development site in Delray Beach for nearly $28 million. The land is already approved for 524 residential units, including single-family homes, villas and multifamily units. Prices range from the $300,000s to the $500,000s.