Lennar Homes Acquires Land In Miami From Karim Lakhdar For $120 Million

This transaction involves a land asset located at 10727 Northwest 17th Avenue in the Miami market. The sale price for the property was $120,000,000, with a total square footage of 2,600,000. The price per square foot is calculated to be $46.

Summary of transaction details:

• Property Type: Land
• Transaction Amount: $120,000,000
• Buyer: Lennar Homes
• Seller: Karim Lakhdar
• Broker: Sandy Nadler - Balavaan Realty
• Strategic Advisor: MAGI Capital Group
• Market: Miami
• Square Footage: 2,600,000
• Price per Square Foot: $46

Balavaan Realty serves as the exclusive broker in this deal, representing both the buyer, Lennar Homes, and the seller, Karim Lakhdar. The transaction followed more than eight years of negotiations aimed at bringing a new vision to the community. The proposed Lennar development includes 518 two-story townhomes, 10% of which are designated for workforce housing, along with community amenities such as a clubhouse with a fitness center, social room, and swimming pool.