Updated Oct 5, 2026
Stuart Miller Of Lennar Purchases 9.2 Acre Development Site From Alexander Akel For $12.59M
5597 Ranches Road
$12,590,000
Building Size
—
Asset Type
Development Site
Closing
Oct 1, 2026
About this deal
AI
A 9.2-acre townhouse development site located at 7042 Sapphire Lake Lane & 5597 Ranches Road in Lake Worth, FL, has sold for $12,590,000. The site includes 69 finished townhouse lots, which are priced at approximately $182,543 per homesite. This acquisition was made by a Lennar-affiliated land bank from Alexander Akel of Akel Homes.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $12,590,000
- Buyer: Stuart Miller
- Buyer Agency: Lennar
- Seller: Alexander Akel
- Seller Agency: Akel Homes
- Market: Lake Worth, FL
- Acres: 9.2
- Number of Finished Townhouse Lots: 69
- Price Per Homesite: $182,543
The transaction was facilitated by the involvement of Stuart Miller representing Lennar, who utilized an option to purchase the lots and develop the project from Alexander Akel of Akel Homes, who led Medjool Nurseries LLC as the seller in this deal.
On the Map
$12,590,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.26%
Cash-on-Cash
-0.36%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93