Jen Partners, a New York-based land investment firm, has made a significant move in the South Florida real estate market, acquiring a 19.3-acre parcel in southwest Miami-Dade County for $19.6 million. This strategic purchase by an affiliate of Jen Partners, led by Managing Director Reuben Leibowitz, positions the land for potential development into a single-family home community, with Lennar, a major national homebuilder, holding an option agreement for the site.
Located at the southeast corner of Southwest 240th Street and Southwest 127th Avenue, the agricultural land was sold by an affiliate of Onx Homes, based in Carrollton, Texas. Public records and real estate data provider Vizzda confirm the transaction. Onx Homes had previously invested in the property, purchasing it for $19.9 million in 2022. They also have a pending application with Miami-Dade County to rezone the site, along with adjacent land, to allow for a density of 60 units per acre, suggesting plans for substantial residential development.
Lennar, headquartered in Miami and under the leadership of Co-CEOs Stuart Miller and Jon Jaffe, is a dominant force in the South Florida homebuilding sector. Jaffe noted in a March 14 investors’ earnings call that Lennar commands an impressive 75 percent market share in Miami-Dade County. Their interest in the Jen Partners’ acquired land underscores their continued expansion and commitment to the region. The option agreement with Lennar, which extends into next year, paves the way for them to potentially develop single-family home lots on the 19.3-acre site, further solidifying their presence in the competitive Miami-Dade housing market.
This acquisition by Jen Partners is not an isolated incident, highlighting a broader trend of land banking firms playing a crucial role in South Florida’s real estate development landscape. Just last month, Garrett Development Corporation, another land banking entity, invested $20.4 million in a 37.8-acre development site in Florida City, with Lennar also securing an option to purchase this land for a 521 townhome project. Similarly, Lennar is actively pursuing the development of 105 single-family homes on a 36-acre site in unincorporated southwest Miami-Dade County, having filed an application for this project last month. Further north in Lake Worth, Lennar is planning a 166-single-family home community on 105.6 acres acquired by Kennedy Lewis Investment Management, another land banking firm.
Jen Partners’ latest acquisition, therefore, fits into a pattern of strategic land purchases by investment firms who partner with major developers like Lennar to bring much-needed housing to the South Florida market. These land banking activities are instrumental in facilitating residential development in a region where land availability is increasingly scarce and demand for housing remains high. The deal signals continued growth and investment in Miami-Dade County’s real estate sector, with Jen Partners and Lennar poised to play key roles in shaping its future residential landscape.
