Some of the region’s most prolific homebuilders dropped a combined $107.4 million on homesites in the master-planned Avenir community in Palm Beach Gardens.
Misha Ezratti’s GL Homes paid $28.1 million for 42 sites at the planned Orchid Isles, a planned single-family community development within Avenir, records show. The deal equated to an average of $669,000 per home site. An affiliate of California-based Hearthstone bought a set of 60 sites also in Orchid Isles for $39 million, or $650,000 per home site, according to property records.
PulteGroup’s DiVosta Homes paid $40.3 million for 62 sites at Orchid Isles, the South Florida Business Journal reported. That works out to $650,000 per home site and brings the total recent spend on Orchid Isles sites to $107.4 million. Pulte is based in Atlanta and led by CEO Ryan Marshall, and is one of the primary homebuilders active in Avenir.
The seller in all three deals was Ken Endelson’s Kenco Communities.
Sunrise-based GL Homes dropped $80 million on 192 acres in Westlake in January, signaling further investment in Palm Beach County. Hearthstone is led by founder and CEO Mark Porath, and this marks its first acquisition in Avenir.
The 4,800-acre Avenir is a master-planned community slated for the development of 3,900 residential units, mostly single-family homes; 400,000 square feet of retail space; 200,000 square feet of medical offices; a 300-key hotel; and a 2,400-acre nature preserve. Also in development in Avenir is the Jack Nicklaus-designed golf community Panther National.
In 2024, Panther National’s developer Centaur Holdings scored a $160 million construction loan for the project, which spans 392 acres within Avenir.
That same year, PulteGroup bought up 83 homesites in Avenir next to its planned 390-unit single-family development, Avondale at Avenir, for $8.3 million.
While South Florida’s luxury home market has remained strong, the broader market for single-family homes has struggled in recent months, with prices showing a decline. Still, homebuilders are making big bets on homesites throughout the region.