Updated Jul 3, 2026
Josh Baumgarten And Adam Schwartz Acquire 57.9 Acres In Homestead For $19.63M
Southwest Corner Of Southwest 296th Street & Southwest 192nd Avenue/tower Road
$19,630,000
Building Size
—
Asset Type
Development Site
Closing
Jul 1, 2026
About this deal
AI
57.9 acres of agricultural land located at the southwest corner of Southwest 296th Street & Southwest 192nd Avenue/Tower Road was sold for $19.63 million. The property is situated in the Homestead market and is designated as a development site.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $19,630,000
- Buyer: Josh Baumgarten & Adam Schwartz - TPG Angelo Gordon; Stuart Miller - Lennar
- Seller: Leonard Abess & Jodie Bakes - BAAAMA LLC; Michael Pena - Penco III LLC
- Acres: 57.9
- Market: Homestead
TPG Angelo Gordon's land bank has acquired the property with Lennar holding an option for future purchase, aimed at a proposed 119-home development. The sellers include BAAAMA LLC and Penco III LLC, and Lennar is in the process of rezoning the property while planning to acquire homesites as they are developed.
On the Map
$19,630,000
Development Site
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Players
Southwest 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
0.81%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93