Lennar buys 188 acres for homesites at Arden near Wellington
Buyer already is building homes within the 1,200-acre master-planned development
Stuart Miller’s Lennar paid $7.4 million for 188 acres of land within the Arden community near Wellington.
The Miami-based homebuilder bought acreage at 1445 Wandering Willow Way that stretches along the northern edge of the larger Arden master-planned development, according to records. The seller is an affiliate of Boston-based Freehold Capital Management, which also owns home development lots adjacent to the site it sold, property records show.
Freehold Capital, led by principals Jesse Baker and Thomas Tischer Jr., is a real estate investor and developer.
The larger Arden community stretches 1,200 acres on the northeast corner of Southern Boulevard and the L-8 Canal in an unincorporated area of west Palm Beach County, north of Wellington and west of Loxahatchee Groves. The community surrounds Arden Lake.
It is dubbed an “agrihood” community for having its own 5-acre farm where residents can pick vegetables, herbs and fruits, according to Arden’s website. It touts an outdoor lifestyle with 20 miles of trails.
The homebuilder’s website lists The Arcadia Collection with 154 homesites, ranging in price from $509,495 to $608,495 per house; The Providence Collection with 149 homesites, ranging from $579,990 to $694,990; The Stanton Collection with 71 homesites, ranging from $689,990 to $745,990; The Waterford Collection with 55 homesites, ranging from $734,990 to $930,990; and a development titled Twin Homes with 49 homesites, priced in the $460,990 range.
A Lennar spokesperson did not immediately return a request for comment regarding the construction or completion of these communities and the company’s plan for its newly acquired property at Arden.
Miller is the company’s executive chairman, and Rick Beckwitt and Jon Jaffe are co-CEOs and co-presidents, according to Lennar’s website.
Aside from Freehold Capital, other firms that have purchased parts of Arden to construct homes include Ryan Homes, Kennedy Homes and Kenco Communities.