Lennar, a prominent homebuilder, has expanded its project in Loxahatchee, a master-planned community spanning 1,209 acres, by adding 45 additional lots. Public records reveal that Lennar acquired these sites in two separate transactions for a total of $10.2 million from its land bank partner, Angelo Gordon.
This latest purchase brings Lennar’s total investment in homesites within the Arden community to over $226 million, which includes the $190 million the Miami-based homebuilder spent on Arden land in the previous year.
Lennar has already initiated the sale of homes in the Arden development, offering a range of prices from $500,000 to $1.1 million, as per information on their website. The community boasts amenities such as a pool, clubhouse, fitness center, sports courts, and a soccer field.
Arden is master-planned by Boston-based Freehold Capital Management, led by principals Jesse R. Baker and Thomas C. Tischer Jr. Freehold has parcelled out sections of the project to various homebuilders, including Ryan Homes, Kennedy Homes, Kenco Communities, and Lennar. Freehold has branded Arden as an “agrihood,” highlighting the incorporation of a 5-acre farm to produce goods for residents. Additionally, Arden is planned to encompass 175 acres of lakes, 500 acres of parks, and 20 miles of trails, according to Freehold’s website.
Freehold’s development division, Freehold Communities, manages master-planned communities not only in Florida but also in California, Texas, South Carolina, North Carolina, Georgia, and Tennessee.
Lennar is among the nation’s largest homebuilders and is led by Executive Chairman and Co-CEO Stuart Miller, along with Co-CEO and President Jon Jaffe. Warren Buffet made headlines recently with his $814 million investment in three homebuilding companies, including Lennar.
Known for its prolific homebuilding projects in South Florida, Lennar recently proposed two developments in south Miami-Dade County, which would include 369 homes. In the previous month, the firm invested $7 million in a 40-acre development site near Florida City.
