Stuart Miller And Jon Jaffe Of Lennar Acquire Development Site In Coconut Creek For $40.4M

The property involved in this transaction is a development site located on the west side of Lyons Road between Wiles Road and West Sample Road in Coconut Creek. The sale was finalized for a total price of $40,400,000. This site is part of a larger 170-acre Mainstreet at Coconut Creek area, planned for townhouses, villas, condos, and a clubhouse.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $40,400,000
• Buyer: Stuart Miller & Jon Jaffe - Lennar
• Seller: Alexander Rosemurgy II - Rosemurgy Properties
• Seller: Arnaud Karsenti - 13th Floor Homes
• Seller: Brian Schmier, Robert Schmier & Douglas Feurring - Schmier Property Group
• Seller: Rick Giles - Giles Capital Group

This acquisition marks Lennar's significant pivot toward for-sale multifamily development in land-constrained South Florida. The deal enables Lennar to gain control over all parcels in the planned development area, enhancing their position in the market.