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Jon Jaffe & Stuart Miller Of Lennar Acquire 12 Acre Development Site In Florida City For $12.34M

Property Image
SOLD
$12,340,000
Stuart Miller
JJ

Florida

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Development Site
Sold 06/27/2025
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Property Image
SOLD

Jon Jaffe & Stuart Miller Of Lennar Acquire 12 Acre Development Site In Florida City For $12.34M

Sw 355th St

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Development Site
Sold 06/27/2025
Stuart Miller
JJ
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Sale

A 12-acre development site located on Southwest 355th Street in Florida City was sold for $12,340,000. The property is intended for a project called Villas De San Diego, which plans to feature 146 townhouses. The seller had owned the land since 1995, and the transaction aligns with Lennar’s strategic land banking approach.

Summary of transation details:

  • Property Type: Development Site
  • Transaction Amount: $12,340,000
  • Buyer: Jon Jaffe & Stuart Miller - Lennar
  • Seller: The Diego Daniel Rodriguez Trust, The Martha Maria Munoz Trust & The Daniel Jose Rodriguez Trust
  • Market: Florida City
  • Acres: 12

The buyer, Lennar, executed the purchase through a land bank that is affiliated with Lennar Corp. The deal reflects a collaboration with TPG Angelo Gordon’s Essential Housing, showcasing a strategy to defer purchases until homes are prepared for delivery.

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: Jon Jaffe & Stuart Miller DATE: 06/27/2025 ADDRESS: Southwest 355th Street MARKET: Florida City ASSET TYPE: Development Site ~ ACRES: 12 BUYER: Jon Jaffe & Stuart Miller - Lennar (@LennarHomes) SELLER: The Diego Daniel Rodriguez Trust, The Martha Maria Munoz Trust & The Daniel Jose Rodriguez Trust SALE PRICE: $12,340,000 NOTE: A land bank affiliated with Lennar Corp. paid $12.34 million for a 12-acre development site near Florida City, with plans for a 146-townhouse project called Villas De San Diego. The seller held the land since 1995, and the deal reflects Lennar’s land banking strategy through TPG Angelo Gordon’s Essential Housing, deferring purchase until homes are ready for delivery.

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

$658,133.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$43,841.42
Cash-on-Cash Return-1.27%
Monthly Debt Service$58,497.90
Annual Debt Service$701,974.75