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Jen Partners pays $20M for 19 acres in southwest Miami-Dade for Lennar
New York-based company is land banking dev site on behalf of homebuilder for single-family home community
Jen Partners paid $19.6 million for 19.3 acres in southwest Miami-Dade County that could be developed into a single-family home community by Lennar.
An affiliate of Jen, a New York-based land banking firm led by managing director Reuben Leibowitz, acquired the agricultural land on the southeast corner of Southwest 240th Street and Southwest 127th Avenue, records and Vizzda show. Lennar, a Miami-based national homebuilder led by Co-CEOs Stuart Miller and Jon Jaffe, has an option agreement that expires next year to develop the 19.3 acres into single-family home lots.
The seller, an affiliate of Carrollton, Texas-based Onx Homes, has a pending application with Miami-Dade County to rezone the site, along with a neighboring property, to 60 units per acre, county records show.
In 2022, Onx paid $19.9 million for the 19.3-acre site, records show.
Lennar is one of the most active homebuilders in South Florida, with a 75 percent market share in Miami-Dade, Jaffe said during an investors’ earnings call on March 14.
Last month, another land banking firm, Garrett Development Corporation, paid $20.4 million for a 37.8-acre development site in Florida City. Lennar has an option to purchase the land and build 521 townhomes.
Lennar is also seeking to develop 105 single-family homes on 36 acres in unincorporated southwest Miami-Dade County. Last month, the developer filed an application to develop the project with Miami-Dade County.
Lennar is also planning a 166-single-family home development in Lake Worth on 105.6 acres acquired last year by another land banking firm, Kennedy Lewis Investment Management. Kennedy Lewis paid $48.9 million for the property. Lennar also entered into an agreement with the seller, Zuckerman Homes, to pay an additional $11.7 million on a pro rata basis for each completed home that is sold to an end user.