Lennar sells Kendall homesites to Angelo Gordon for $16M

Lennar sold hundreds of lots for its Siena Reserve development in Kendall to its go-to land bank partner for $15.7 million.

Records show Lennar Homes sold the land to its affiliate, AG EHC II Len Multi State 4 LLC, a Delaware entity linked to a real estate fund managed by Angelo Gordon. Adam Schwartz and Josh Baumgarten lead New York-based Angelo Gordon, which has acted as a land bank for Lennar on other South Florida projects. 

The homesites are in Lennar’s master-planned Siena Reserve community in Kendall, adjacent to South Dixie Highway. The community includes single-family homes and townhomes, with three-, four-, and five-bedroom floor plans ranging from 1,300 square feet to 3,200 square feet, according to Lennar’s website. Prices start at $446,000 and go up to $710,000. 

Amenities in Siena Reserve will include a pool, clubhouse, playground and fitness center. The project is partly pre-sold and is under construction. 

Miami-based Lennar is one of the biggest homebuilders in the country. Stuart Miller, executive chairman and co-CEO, and Jon Jaffe, co-CEO and president, lead the firm. In August, Warren Buffet invested $814 million in three homebuilders, including Lennar. 

The prolific builder’s pipeline of South Florida projects includes townhouse developments, single-family homes and “agrihoods.” Lennar won the rezoning for a 50-unit townhome project in Pembroke Pines last month, adjacent to an existing 58-townhouse project where prices start at $600,000. In October, Lennar dropped $10.2 million on additional sites for its Arden development in Wellington. The community has been dubbed an “agrihood” since it incorporates a 5-acre farm with produce for the residents. 

Also in October, Lennar proposed two residential communities totaling 369 homes near Homestead. The land for the planned projects is under contract for an undisclosed amount.