An affiliate of Lennar Corp. bought a 77.3-acre site in Homestead with development approvals for $10.75 million.
TREO Kingman, managed by Otto J. Boudet-Murias of the Treo Group in Miami, sold the farmland at the southwest corner of Southwest 152nd Avenue (Kingman Road) and Southwest 320th Street (Mowry Drive), to Kingman Lennar, a subsidiary of the Miami-based home building giant (NYSE: LEN).
In 2015, Homestead approved the site for 247 single-family homes. So now Lennar has a development-ready site.
The deal turned out well for Boudet-Murias’ company. It paid $3.78 million for the property in 2013, so it saw a 184 percent gain in value on the sale.
In April, Lennar Southeast Florida Division President Carlos Gonzalez said the company had 14 master-planned communities in Miami-Dade and Broward counties and planned to deliver 1,800 to 1,900 homes there in 2017. The company is regularly the largest developer of new homes in South Florida.
Lennar is the No. 1 homebuilder in South Florida with 2,122 housing starts in the region for the 12 months ended June 2016, according to the South Florida Business Journal‘s 2017 Book of Lists.
Original content South Florida Business Journal