Lennar Buys Home Sites from Bankrupt Builder

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.