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South Florida

Lennar picks up 27 acres in Homestead for $7M

Entity tied to developer Pedro J. Adrian sold two vacant parcels to homebuilder

Stuart Miller, Executive Chairman of Lennar (Getty, University of Miami)
Stuart Miller, Executive Chairman of Lennar (Getty, University of Miami)

A month after unloading a huge redevelopment site in Homestead, Lennar Homes picked up two large vacant parcels in the same city for $7.1 million.

The Miami-based homebuilder bought 27 acres bounded by Old Dixie Highway, Southwest 264th Street and Southwest 272nd Street, records show. The seller is Four Aces Properties V LLC, an entity managed by south Miami-Dade residential developer Pedro J. Adrian. In 2018, Four Aces paid $8.8 million for the vacant properties.

A Lennar spokesperson did not respond to requests for comment, including what the company plans for the site.

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In August, Lennar sold a former mobile home park spanning 43 acres at 28600 Southwest 132nd Avenue in Homestead for $23.2 million. The buyer, an affiliate of Scottsdale, Arizona-based AGWIP Asset Management, paid about $6 million less than Lennar’s purchase price for the property in November. Lennar had planned to build a residential community with homes and townhomes starting in the $200,000s.

In January, Lennar bought 31 acres at 13400 Eureka Drive near Zoo Miami in south Miami-Dade. The company submitted plans for as many as 80-single family homes on 15 acres of the development site, according to documents filed with the county. Lennar paid $7.7 million for the land.

The publicly traded company is also making a big push in Broward and Palm Beach counties. Recently, Lennar bought nearly 16 acres in Coral Springs for $8.5 million. The site is approved for 147 townhomes. Last year, the company snagged a 110-acre site in Delray Beach that is zoned for 524 residential units. Lennar paid $28 million.

Lennar reported $831.4 million in second quarter earnings for the period ended May 31, up 61 percent from the second quarter of 2020.

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HomebuildersHomesteadLennar