Updated Oct 14, 2026
Lennar Acquires Former Equestrian Site In Lake Worth For $48.9M
7563 S State Rd 7 Lake Worth, FL 33449, USA
$48,900,000
Building Size
—
Asset Type
Development Site
Closing
Aug 11, 2023
About this deal
AI
Lennar has purchased a former equestrian site in Lake Worth for $48.9 million and intends to redevelop it into 166 single-family homes. The property, located at 7563 South State Road, spans across 105.6 acres. The sale took place on 08/11/2023 and the seller was Zuckerman Homes. The market for this transaction was Lake Worth.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $48,900,000
- Address: 7563 South State Road
- Market: Lake Worth
- ACRES: 105.6
Stuart Miller from Lennar represented the buyer in this deal. The previous owner of the property, Zuckerman Homes, had acquired the land last year for $15 million. It is worth noting that the redevelopment plans for this site received approval from Lake Worth Beach earlier this year.
On the Map
$48,900,000
Development Site
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Lake Worth Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93