Sabal Development Sells 10-Acre Parcel To Lennar Homes For $24.5 Million In Off-Market Transaction

Sabal Development, a Miami-based builder and developer who specializes in luxury custom homes led by Pascal Nicolai, has sold a 433,422 SF, 10.17-acre, parcel located at 8290 SW 120th Street in Miami, Florida for $24.5 million to Lennar Homes. The off-market transaction closed on March 23, 2022 with no listing agents involved.

Sabal Development purchased the parcel for $6.3 million on January 26, 2015. Sabal originally requested to rezone the site to build 20 single-family homes in a community known as Veridian Grove. Following the new Comprehensive Development Master Plan (CDMP), Sabal requested to rezone the site to permit 34 townhomes and 20 homes.

“We are thrilled to sell this special 10-acre Miami parcel for $24.5 million to Lennar Homes, who will make our vision for the community come to life,” said Nicolai.

Sabal Development and Sabal Luxury Builder achieved over $130 million sales in custom-built home sales in 2021.

Rendering via Sabal Development

Lennar Acquires Pine Isles Mobile Home Community In Homestead For $29 Million

Lennar Homes (NYSE: LEN) has acquired the former site of Pine Isles Mobile Home Community in Homestead for $29 million. The property is located at 28600 SW 132nd Ave. and spans 42.7 acres. Pines Isles Mobile Home Community serviced seniors and was disbanded in 2019 before the site was rezoned for the development of 456 single-family homes. The seller was MAC Thirteen LLC, an entity tied to Rolando Delgado of Treo Group, who will receive a portion of the proceeds from each home sold. Delgado purchased the site in 2018 for $12.99 million.

Lennar Homes has already launched sales of the project, named Pine Vista, a master-planned community of townhomes and single-family homes with resort-style amenities. Homebuyers will have 14 different floorpans to choose from and single family homes will range from 1,833 square feet to 3,221 square feet and pricing from $357,990 to $419,990. Townhomes will start in the $200,000’s. Amenities will include a clubhouse, pool and park.

Lennar Acquires 209 Home Lots In Delray Beach's Avalon Trails Community From 13th Floor Homes

Lennar Corp. (NYSE: LEN) has acquired 209 home lots from an entity tied to 13th Floor Homes in the Avalon's Trails community in Delray Beach for $27.64 million. The price pans out to roughly $132,000 per lot and the seller may be eligible to participate in the success of the project where homes are priced from the mid-$300,000’s.

Avalon Trails broke ground in 2019 and is located on a 110 acre former golf course at 7472 N. Oriole Blvd. which 13th Floor Homes acquired for $5.4 million in 2018. The total site is approved for 521 homes for the senior 55+ community and 13th Floor Homes still owns a site approved for a 200 unit multifamily development which is yet to break ground.

Amenities at Avalon Trails include a clubhouse, multiple pools, fitness center, business center, billiards room, tennis courts, pickle ball, bocce ball and card rooms. The project will also feature 2.4-miles of trails for walking, running and biking.

Lennar Locks Down $44.8 Million Construction Loan For Wynwood Green

Lennar has locked down a $44.8 million construction loan for Wynwood Green, an 11-story, 189-unit residential rental apartment building which will also feature 17,000 SF of commercial space and 324 parking spaces. The loan was provided by Santander Bank. Wynwood Green will be located on a 1.26 acre site which was the former site of the popular food-truck and bar station at Wynwood Yard, 48, 56, 64, 70, 82, 90 and 98 NW 29th St. and 63 NW 28th street. Initial designs are by architecture firm Dorsky + Yue International. The site of Wynwood Green was sold to Lennar by David Lombardi of Lombardi Properties, who was one of the pioneers in the emergence of Wynwood.

The Miami-based publicly traded Lennar Corporation (LEN) is known as one of the largest homebuilders in the United States, but also retains ownership interests in 53 apartment communities. Wynwood Green would also be their first multifamily project within the city of Miami. Lennar Corporation is run by Executive Chairman Stuart Miller, whose father Leonard Miller was one of the founders in 1956. In 2019 Lennar was ranked 154th on the Fortune 500 and the company operates in 21 states.

Galium Capital Lists Stabilized Portfolio of 35+ Single-Family Homes Across South Florida For $10 Million

Galium Capital announced today the listing of a 35+ single-family home portfolio across South Florida for $10 million. The stabilized portfolio features homes which are located across several recently built communities in cities such as Doral, Homestead, Coconut Creek, Stuart, Miami and Hialeah.

The listing comes at a time when population growth in Southeast Florida has surpassed the pace of new home construction in the past 7 years. Nationwide, appetite for single family home rentals is growing faster than that of apartment rentals and South Florida’s rental market is expected to grow faster than the national average. Single family homes are the largest residential rental asset class.

The homes are of the highest-quality in their segment, built by one of the nation’s most reputable home builders. The new construction homes, finished in 2017, feature 2-floor concrete block construction as well as ready-to-move-in finishes including stainless steel appliances, granite counters, smart home technology, keypad entry and smart thermostats. The portfolio also includes community model home which include high-end finishes and homesite premiums. The community HOA’s are approved for FHA lending to home buyers and include resort style amenities.

This one-of-a-kind investment opportunity allows the bulk buyer to purchase the homes at 7.5% below retail value and 33% below replacement cost. The portfolio also boasts a high tenant profile with an outstanding performance record of 90% + occupancy. The strong occupancy is a result of the high demand in single-family rentals in South Florida. The current owner has a strict acceptance criteria including credit score, background check and collection standards. The highly liquid product gives the owner the opportunity to obtain value through rental yield or capitalizing on the gap between acquisition price and today’s retail market value.  

For more information, please contact Galium Capital at 305-433-2008 or www.galiumcapital.com.

About Galium Capital:

Aventura-based Galium Capital owns more than $300 million in commercial assets across the United States with asset management and property management performed in-house. Galium Capital invests in multifamily residential, retail, hotels and office space. Galium Capital is led by Jacques Bessoudo and Iser Rabinovitz.

Lennar to Sell Rialto to Stone Point Capital for $340 Million

Miami-based Lennar Corporation announced last week that it will sell its investment and asset management division, Rialto, to private equity firm Stone Point Capital. This move may be part of Lennar’s strategy to focus solely on homebuilding.

Rialto was created by Lennar after the recession to purchase distressed assets, but buying opportunities have been scarce as real estate prices have risen.

The company had communicated it was looking to sell off the division for months, which the Wall Street Journal reported in October. In the third quarter Rialto reported $49.5 million in revenue, less than one percent of Lennar’s total revenue.

Lennar said it will still retain one segment of Rialto — its Rialto Mortgage Finance business, which it expects to incorporate into its Financial Services business at the beginning of the 2019 fiscal year. Lennar will also retain interests in various Rialto funds, as well as investments in other legacy Rialto assets.

 Lennar reported earnings of $453.2 million in the third quarter or $1.37 per share. The homebuilding industry has struggled amongst rising supply and labor costs, which are placing pressure on its margins. Lennar, reported strong profitability, and earlier this year acquired CalAtlantic to become the largest homebuilder in the country, in a deal worth $9.3 billion.

By Katya Demina

Lennar Files Plans For Wynwood Green, A Rental Project Replacing Wynwood Yard

America's largest homebuilding, Lennar (LEN), has submitted plans to build Wynwood Green, a 189-unit rental apartment complex at the site of Wynwood Yard. The project would rise 11-stories on the 1.26 acre site and is designed by Dorsky + Yue. Wynwood Green would bring 189 apartments, 324 parking spaces and 16,768 SF of commercial space. Lennar is requesting to build an additional 3-stories then zoning allows via ca contribution to the Wynwood Public Benefits Fund. The developer, Lennar Multifamily Communities, is currently under contract to purchase the site which would also be their first multifamily project within the city of Miami. The proposal was recently presented to Miami's Urban Development Review Board.

Stuart Miller Steps Down As CEO Of Lennar, America's Largest Home Builder, To Become Executive Chairman

Lennar has undergone a major shake-up at the management level as longtime CEO Stuart Miller has stepped down as CEO, to be replaced by Rick Beckwitt, and will resume his role with the company as Executive Chairman. Lennar, a publicly traded company as LEN (NYSE), is the United State's largest home builder and is headquartered in Miami. The announcement was made Thursday April 12, 2018. In his new role as Executive Chairman Miller will continue to be involved in the company's strategic direction and operations. 

Other shake-ups include Jon Jaffe, current Chief Operating Officer, has been elected to be Lennar's new President and will continue to serve his role as COO. Chief Financial Officer Bruce Gross will assume a new role as CEO of Lennar Financial Services, and Treasurer Diane Bessette will transition to the role of CFO.

Lennar was co-founded by Miller's father, Leonard, in the 1950's. Miller, 60, has worked for Lennar for over 35 years and served as CEO for over 21 years.

Incoming CEO Rick Beckwitt has worked for Lennar for over 12 years and became President in 2011. He helped guide the company through the financial crisis which wiped out many in the real estate sector and has overseen major deals including the acquisition of CalAtlantic.

Lennar currently has over 250,000 homesites and 1,300 communities and is spread across 21 states and 49 different markets. In February 2018 Lennar acquired CalAtlantic in a $9.3 billion deal.