Stuart Miller And Jon Jaffe Of Lennar Acquire 31-Acre Development Site In Homestead For $16.25M
$16,250,000
Building Size
—
Asset Type
Development Site
Closing
Sep 11, 2025
AI
A 31.05-acre development site was sold at the northeast corner of Krome Avenue & Southwest 288th Street/Biscayne Drive, located in the Homestead market. The site is approved for 97 single-family homes, including 10% designated for workforce housing, and is set to be developed as Redlands Ridge.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $16,250,000
- Buyer: Stuart Miller & Jon Jaffe - Lennar
- Seller: Peter Adrian - Four Aces Properties IV LLC
- Date of Sale: 09/11/2025
A Lennar affiliate acquired the site through land bank TPG Angelo Gordon, indicating a commitment to develop residential housing in the area, further contributing to the community's growth and housing options.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.98%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93