Updated Mar 4, 2025
TPG Angelo Gordon C/o Lennar Corp Acquires 24.7 Acre Development Site In Homestead For $24.78M
East Palm Avenue Florida City
$24,780,000
Building Size
—
Asset Type
Development Site
Closing
Mar 4, 2025
About this deal
AI
A development site consisting of 24.7 acres located at East Palm Avenue, Southwest 320th Street, Southwest 312th Street, and Southwest 192nd Avenue/Tower Road has been sold for $24,780,000. The site is situated in the market area of Florida City and Homestead and is approved for the development of 117 townhomes and 108 single-family homes.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $24,780,000
- Buyer: Adam Schwartz & Josh Baumgarten - TPG Angelo Gordon c/o Lennar Corp.
- Seller: Tatiana Pino - Century Homebuilders
- Acres: 24.7
- Approved for: 117 townhomes and 108 single-family homes
- Additional payments due to seller per home sold.
The transaction involved a land bank acting on behalf of Lennar Corp., which will receive ownership of the three development sites upon home delivery. The deal highlights the collaboration between TPG Angelo Gordon and Lennar Corp. through their representatives in this transaction.
On the Map
$24,780,000
Development Site
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Players
Florida City 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
0.64%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93