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Stuart Miller & Jon Jaffe Of Lennar Corp Acquire 51.6 Acres In Wellington For $54.04M

Property Image
SOLD
$54,040,000

Florida

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Development Site
Sold 10/08/2024
the dealdetailscomps
Property Image
SOLD

Stuart Miller & Jon Jaffe Of Lennar Corp Acquire 51.6 Acres In Wellington For $54.04M

1053 State Road 7

See Similar Deals
Development Site
Sold 10/08/2024
the dealdetailscomps

Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Sale

The development site located at 1053 South State Road in Wellington spans 51.6 acres. It was sold for $54,040,000. The site is part of the Lotis project and is approved for the construction of 100 single-family homes, 72 townhouses, and a commercial site. Additionally, the land has approvals for a daycare center, offices, and a mini golf facility. The site was previously sold for $13.5 million in 2022.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $54,040,000
  • Buyer: Stuart Miller & Jon Jaffe - Lennar Corp.
  • Seller: JKM Development Partners
  • Market: Wellington
  • Acres: 51.6

Stuart Miller and Jon Jaffe represented Lennar Corp. in the acquisition of the property from JKM Development Partners. This transaction is a strategic move to expand Lennar Corp.'s portfolio in the region.

Details

SOLD
IMAGE: Jon Jaffe & Stuart Miller DATE: 10/08/2024 ADDRESS: 1053 South State Road MARKET: Wellington ASSET TYPE: Development Site ~ ACRES: 51.6 BUYER: Stuart Miller & Jon Jaffe - Lennar Corp. (@LennarHomes) SELLER: JKM Development Partners SALE PRICE: $54,040,000 NOTE: Lennar Corp. bought 51.6 acres in Wellington’s Lotis project for $54.04 million from JKM Development Partners, with plans for 100 single-family homes, 72 townhouses, and a commercial site. The land, which last sold for $13.5 million in 2022, also has approvals for a daycare center, offices, and a mini golf facility.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$191,992.72
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