Lennar added more homesites to its Arden development near Wellington.
The homebuilder added 45 lots to the project, a master planned community in Loxahatchee spanning 1,209 acres. Records show Lennar bought the sites in two separate deals for $10.2 million from its land bank partner, Angelo Gordon.
With this latest acquisition, Lennar has spent more than $226 million on homesites in Arden. That includes $190 million the Miami-based homebuilder spent on land at Arden last year.
Lennar has already launched sales for the homes it’s building in Arden, with prices ranging from $500,000 to $1.1 million, its website shows. Amenities include a pool, clubhouse, fitness center, sport courts and a soccer field, according to its website.
Boston-based Freehold Capital Management, led by principals Jesse R. Baker and Thomas C. Tischer Jr., is Arden’s master developer. Freehold has sold off tracts of the development to homebuilders including Ryan Homes, Kennedy Homes, and Kenco Communities, in addition to Lennar. Freehold has dubbed Arden an “agrihood” because it will incorporate a 5-acre farm with produce for residents. Arden will also have 175 acres of lakes, 500 acres of parks, and 20 miles of trails, according to Freehold’s website.
Freehold’s development division, Freehold Communities, has master planned communities in California, Texas, South Carolina, North Carolina, Georgia and Tennessee, in addition to Florida.
Lennar is one of the biggest homebuilders in the country, and is helmed by Executive Chairman and Co-CEO Stuart Miller and Co-CEO and President Jon Jaffe. Warren Buffet recently made headlines for his $814 million investment into three homebuilding firms, including Lennar.
A prolific homebuilder in South Florida, Lennar earlier this month proposed a pair of developments in south Miami-Dade County with 369 homes. Last month, the firm dropped $7 million on a 40-acre development site near Florida City.