Homebuilder Kenco Communities purchased a portion of the Avenir master-planned community in Palm Beach Gardens for $5.46 million.
Kenco bought 40 lots at 12200 Northlake Boulevard from Avenir Development LLC, led by Manuel Mato, for $136,500 per lot.
Synovus Bank provided a $13.6 million loan to Kenco to purchase the land and build the homes, records show.
Kenco is planning to build Coral Isles at Avenir, which will feature 107 one- and two-story luxury estate homes ranging from 3,269 square feet to over 5,000 square feet, according to its website. It is expected to be completed in late 2020. The company is led by Ken Endelson.
Kenco is also developing homes in Arden, a 1,200-acre master planned community in western Palm Beach County.
Avenir is a massive, 4,783-acre planned community west of Bee Line Highway. It was approved for about 3,000 single-family homes, 400,000 square feet of commercial space and 1.94 million square feet of office space.
The development will take 30 years to complete and will include a golf course as well as a Crystal Lagoon. It will be built in phases, according to the Palm Beach Post.
More homebuilders are seeking to develop new home communities in western Palm Beach County, as buyers look for more affordable homes and housing communities outside of major cities. Other large-scale, mixed-use communities in Palm Beach County include Westlake and Iota Carol.