Lennar pays $190M for remainder of Arden homesites near Wellington

Lennar paid $190 million for the remainder of the homesites in the Arden community near Wellington.

Boston-based Freehold Communities sold the land to an affiliate of New York-based global credit and real estate investment firm Angelo Gordon, according to a deed.

Angelo Gordon, led by co-CEOs Josh Baumgarten and Adam Schwartz, has served as a land bank on behalf of Lennar on other projects, and will own the Arden land until Lennar builds the homes, according to the South Florida Business Journal. The property has 927 lots. The price equates to about $205,000 per lot.

Miami-based Lennar will complete the buildout of Arden, although Freehold will stay involved in the community, according to a Freehold release on the deal.

Arden is a residential community spanning 1,209 acres on the northeast corner of Southern Boulevard and the L-8 Canal, north of Wellington and west of Loxahatchee Groves.

Freehold Communities is the master developer of Arden, which was approved for more than 2,300 homes. It has sold portions of the tract over time to various homebuilders, including Ryan Homes, Kennedy Homes, Kenco Communities and Lennar.

In March, Lennar bought 188 acres at 1445 Wandering Willow Way within Arden for $7.4 million.

Arden is dubbed an “agri-hood” for offering residents the ability to grow and harvest fruits, vegetables and herbs in a 5-acre farm that is part of the community. The development aims to provide an outdoor lifestyle, as it includes 175 acres of lakes and 500 acres of parks and playgrounds, according to the release.

Lennar and Freehold representatives did not immediately return requests for comment.

Freehold, led by co-founders Jesse Baker and Thomas Tischer Jr., is the master developer of several communities in the Southeast and California, according to its website. It lists the 2,778-unit Shearwater project on 1,524 acres in St. Johns County as its only other one in Florida.

Lennar is one of the biggest homebuilders in the U.S. It is led by Executive Chairman Stuart Miller, as well as by co-CEOs Rick Beckwitt and Jon Jaffe, according to its website.

In another recent purchase, Lennar bought 10 acres at 8290 Southwest 120th Street near Pinecrest for $24.5 million in March.