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Lennar Acquires 11-Acre Development Site In Florida City For $18M

Property Image
SOLD
$18,000,000
Stuart Miller
JJ

Florida

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Development Site
Sold 12/27/2023
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Property Image
SOLD

Lennar Acquires 11-Acre Development Site In Florida City For $18M

75 W Palm Dr

See Similar Deals
Development Site
Sold 12/27/2023
Stuart Miller
JJ
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Sale

Lennar, the Miami-based developer, has purchased a development site in Florida City for $18 million. The site spans approximately 11 acres and is located at 75 West Palm Drive. The seller, Louis Carricarte of Cordial Holdings, had previously planned a 174-townhome complex called Ocean Gate Village on the property.

Summary of transaction details

  • Property Type: Development site
  • Sale Price: $18,000,000
  • Address: 75 West Palm Drive, Florida City
  • Market: Florida City
  • Buyer: Jon Jaffe & Stuart Miller - Lennar
  • Seller: Louis Carricarte - Cordial Holdings

This acquisition adds to Lennar's robust development portfolio in south Miami-Dade. In addition to the 11-acre site in Florida City, Lennar also owns a nearby 40-acre site for a 231-single-family home project. The purchase price for the Florida City site equates to approximately $1.7 million per acre.

Players

Stuart Miller
Lennar
Stuart Miller
35 deals$1.6B volume
BUYER
JJ
Lennar
Jon Jaffe
9 deals$210.8M volume
BUYER

Details

SOLD
IMAGE: Louis Carricarte, Stuart Miller & Jon Jaffe DATE: 12/27/2023 ADDRESS: 75 West Palm Drive MARKET: Florida City ASSET TYPE: Development Site ~ ACRES: 11 BUYER: Jon Jaffe & Stuart Miller - Lennar (@LennarHomes) SELLER: Louis Carricarte - Cordial Holdings SALE PRICE: $18,000,000 NOTE: Lennar, the Miami-based developer, has purchased almost 11 acres in Florida City for $18 million, where Cordial Holdings had planned a 174-townhome complex called Ocean Gate Village. This acquisition, at $1.7 million per acre, adds to Lennar's robust development portfolio in south Miami-Dade, including a nearby 40-acre site for a 231-single-family home project.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$960,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$63,950.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$85,329.18
Annual Debt Service$1,023,950.20