Search
 

Lennar Buys Home Sites from Bankrupt Builder

MIAMI-The company will take up 2,700 former Tousa lots throughout Florida over the next two years.

By Carl Cronan | Updated on February 26, 2010

MIAMI-Locally based Lennar Corp. has completed a deal with Bradenton-based Starwood Land Ventures LLC for more than 2,700 homesites in 38 communities throughout Florida. The sites previously belonged to Hollywood, FL-based Tousa Inc., which filed Chapter 11 bankruptcy two years ago, and were part of an $81-million auction purchase of 5,500 lots by Starwood in January.

Lennar has agreed to acquire or option the properties from Starwood over the next two years, according to an announcement Friday by the major US homebuilder. Financial details were not released, though Lennar disclosed in a Securities and Exchange Commission filing a week earlier that it projects gross margins of more than 20% from the deal.

The single-family sites are located in first-time homebuyer, master planned, active adult and premier golf course communities in Tampa, Orlando, Jacksonville and Southeast Florida. Lennar plans to build single-family homes, townhomes and garden villas priced from the low $100,000s.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.