David Burstyn and Brian Sidman’s Redwood Dev Co is under contract to buy 223 newly built townhomes in two projects for $80 million.
Miami Beach-based Redwood plans to buy the 174-unit Mariner’s Cove and 49-unit Lime Grove townhome developments from Lennar, one of the nation’s largest homebuilders, according to a press release.
Lennar, led by executive chairman and co-CEO Stuart Miller and co-CEO Jon Jaffe, bought the nearly 11-acre site between 344th Street Southwest and Krome Avenue in Florida City for Mariner’s Grove in 2023 for $18 million. The townhomes each have three bedrooms and range from 1,300 square feet to nearly 1,600 square feet, according to Lennar’s website. The homebuilder was marketing individual townhomes starting at $357,000 before the sale to Redwood. They will be operated as rental housing under Redwood, the press release shows.
Lennar acquired the Homestead land for Lime Grove for $7 million in 2023. Each townhome spans 1,500 square feet, with four bedrooms, two bathrooms and one half-bathroom, according to Redwood’s website. The units will be sold utilizing Miami-Dade County’s Affordable Homeownership Program, which subsidizes mortgages for qualifying low-income families.
The acquisition will add 223 units to Redwood’s portfolio in South Florida. It’s not the first time the firm will have snapped up a newly completed Lennar project to operate as rentals. In 2023, Redwood dropped $30 million on 75 townhouses near Opa-locka to operate as workforce rentals.
More recently, the historically Black university, Florida Memorial University, tapped Redwood as the lead developer in a $1 billion-plus revamp of its Miami Gardens campus. Phase One of the project calls for 500 workforce housing units, 500 student housing beds, academic facilities, new basketball courts and a turf field.
Redwood also won approval from North Miami for a nearly 2,200-unit apartment project at Claude Pepper Park in July. The plans include eight 18-story buildings designed by Kobi Karp.