Kolter pays $74M for 491 homesites at Avenir in Palm Beach Gardens
Deal equates to $150K per lot
Kolter Group bought 491 homesites at the Avenir community in Palm Beach Gardens for $73.6 million.
The Delray Beach-based firm, through its Kolter Homes division, bought the 150 acres of land on the northwest corner of Avenir from Landstar Development Group, according to records and real estate database Vizzda. The deal breaks down to $149,825 per 6,500-square-foot lot.
As part of the deal, Kolter will pay Landstar $16,620 and 2 percent of proceeds for each home sold. The homesites are approved for a 55-and-older community, Vizzda records show.
The sale marks homebuilders’ continued wager on Avenir, a 4,800-acre community on the northwest corner of Northlake and Coconut boulevards. The entire complex is approved for 3,900 residential units, mostly single-family homes; a 300-key hotel; 200,000 square feet for medical offices; 400,000 square feet for retail; and a 2,400-acre nature preserve.
Coral Gables-based Landstar is Avenir’s master developer. The firm is led by principals Rudy Stern, David Serviansky, Roberto Horwitz, Eduardo Stern, Bernard Eckstein and Rosa Eckstein Schechter, according to its website.
Kolter also bought 144 single-family home lots at Avenir for $18.1 million in April. Led by Bobby Julien, Kolter has homebuilding, land, hospitality and condo divisions.
Others investing in Avenir include Kenco Communities, which paid $17.9 million for 104 homesites
Avenir isn’t the only master-planned community in the far reaches of western Palm Beach County that’s caught homebuilders’ eyes. Arden, a 1,200-acre development near Wellington, is approved for 2,300 homes and is billed as an “agrihood” complex due to a 5-acre farm that allows residents to grow and harvest their produce.
Lennar has invested over $226 million for homesites in Arden, including its latest purchase in December of $10.2 million for 45 lots.