Miami-based Lennar Corp. just bought development land in Delray Beach, the South Florida Business Journal reports.
The seller was Barwick 40 Delray LLC. Don Ginsburg of Katalyst represented the seller, an affiliate of Stellar Communities, in the deal. Lennar bought the 6.67 acres for $4.9 million.
Known as Banyan Court, the property at 13038 Barwick Road has been approved for 40 single-family home lots that range from 1,600 to 2,400 square feet.
The South Florida Business Journal notes that Lennar has recently invested in smaller projects as shown in January when the company purchased a home development site near Boynton Beach. The deal was also made with Stellar Communities. Lennar also recently purchased 234 acres west of St. Augustine.
Lennar is making news with its other assets as well. Its subsidiary Len X LLC will sell its residential solar power platform SunStreet to Sunnova Energy International for 7.22 million shares. Through a partnership, Sunnova will become the solar provider for Lennar’s communities.
