Lennar Corp. picked up 50 lots in the Arden home community for $6.1 million as the company continues to buy land in western Palm Beach County.
The Miami-based homebuilder bought the lots near Loxahatchee from Highland Dunes Associates, which is managed by Newport Beach, California-based Pacific Investment Management Company.
Arden is a 1,200-acre master-planned community. The development is referred to as an “agrihood” since it also has a 5-acre working farm that will harvest vegetables, herbs and flowers.
In addition to Lennar, three other homebuilders, Ryan Homes, Kenco Communities and Kennedy Homes are constructing homes in the master-planned community. Some homes have already been completed, a spokesperson previously said.
Prices at Lennar’s community within Arden will range from about $436,000 to $498,000 with home sizes between 2,631 square feet to 3,555 square feet.
In May, Lennar, the nation’s largest homebuilder, purchased 40 lots in the community for $5 million.
As land becomes scarce amid growing demand for single-family homes, homebuilders in South Florida are constructing properties further away from the urban core. Loxahatchee is about 30 minutes away from West Palm Beach and 35 minutes from Jupiter.
Nearby, Minto Communities is building a 3,800-acre master-planned community called Westlake with about 4,500 homes.
Via • The Real Deal Miami
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