Lennar Buys 16 Acres in Coral Springs

Lennar Homes acquired a development site in Coral Springs for $8.5 million.

Coral Springs Development, managed by Jeffrey L. Greenberg in Boca Raton, sold the 15.7-acre site on the north side of Wiles Road at the intersection of Northwest 120th Avenue to Lennar Homes, a subsidiary of Miami-based Lennar Corp. (NYSE: LEN). Known as Sunset Trail, the site was approved for 147 townhouses.

Robert Susi of Axiom Capital Advisors brokered the deal.

The vacant land was originally under contract to Miami-based 13th Floor Homes, which initially filed the development application. According to a document filed in county records, 13th Floor assigned the purchase contract to Lennar Homes, however, 13th Floor has the right to receive a portion of the proceeds from each home sold in Sunset Trail.

The land last traded for $1.17 million in 2004.

Homes are selling quickly in South Florida and there aren’t many sites left for development, so there is strong demand for new inventory. Townhouses are generally more affordable than single-family homes, which is helping them sell relatively quickly.