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Lennar, one of the country’s largest homebuilders, sold a nearly completed townhouse development in Miami-Dade County for $30 million, the buyer, Redwood Dev Co, announced.
Called Westview South, the gated rental community is set to include 75 townhomes, ranging from two- to four-bedroom units. Lennar, which had originally planned to sell the homes individually, paid $3.8 million last year for the 7.4-acre site at 2601 NW 119th Street, south of Opa-locka, according to property records.
Redwood — a joint venture between BAS Holdings Investments and Winston Capital Partners — secured a $23 million acquisition loan from City National Bank. The buyers plan to complete the development in the coming 30 days and convert the property into workforce housing, offering rental rates within 120 percent of the area’s median income, according to a spokesperson for Redwood.
Just north of 119th Street, Miami-based Lennar is selling similar townhomes for just under $500,000. A representative for Lennar did not immediately respond to a request for comment.
Redwood’s conversion comes nearly a month after the Florida legislature passed a bill with over $700 million in funding for affordable housing programs. The joint venture says it plans to build 5,000 workforce housing units over the next five to seven years.
In February, it broke ground on a 98-unit multifamily building in Opa-locka after securing a $24 million loan from Valley Bank. Just last week, it refinanced a newly completed townhouse community, also in Opa-locka, with a $45.2 million mortgage from Regions Bank.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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