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GL Homes paid $29.4 million for 120 acres in Westlake, Fla., a town in western Palm Beach County created only eight years ago, property records show.
The vacant site, located east of an oval-shaped drive known as Estates Circle about 20 miles west of Downtown West Palm Beach, will likely one day hold single-family homes.
Back in 2016, homebuilder Minto Communities incorporated nearly 4,000 acres of Loxahatchee farmland to create Westlake, according to Sun Sentinel. The land was approved for 4,500 single-family homes and 2 million square feet of commercial space.
Delray Beach-based developers Kolter Group and Minto have built most of the homes in Westlake. The median sale price for homes in Westlake has risen to $757,000, according to Realtor.com.
The price of land has also greatly appreciated. The seller of GL Homes’ new site, Philomena Liu, assembled the parcels between 2002 and 2003, paying $4.4 million, according to property records.
Neither Liu nor a representative of GL Homes could be reached for comment.
GL Homes is an active developer of single-family, master development in Florida. A year ago, the Sunrise-based developer purchased 290 acres at the outer edges of Palm Beach County in Boynton Beach for $60 million.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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