A townhouse development site in Florida City sold for $13.2 million and national homebuilder D.R. Horton (NYSE: DHI) will partner with the developer.
Mutineer Development LLC, managed by Edward Patrick Dolezal in Tequesta, sold the 9.45-acre site at 11 S.E. 1st Ave to Audax Land Mutineer LLC, managed by Javier Melo of Miami-based Trans Florida Development, as confirmed by property data firm Vizzda. The buyer obtained a $19.94 million mortgage from SBSDC 1 LLC, care of Setanta Development Capital.
In addition, Arlington, Texas-based D.R. Horton recorded a $3.07 million deposit it made with Audax Land Mutineer to purchase the home lots as they are developed and ready for deliver to buyers. In essence, Audax Land Mutineer is acting as a land bank for D.R. Horton in this project.
As confirmed by Vizzda, this site is proposed for a 150-townhouse community in 19 three-story buildings.
It’s been a challenging year for many homebuilders as mortgage rates haven’t fallen as much as expected, so homes remain relatively expensive for many buyers. However, Florida City has lower land values so it’s easier for homebuilders to deliver homes there at attractive price points.
D.R. Horton has been active in southern Miami-Dade County this year. It recently bought a development site in Homestead for nearly $17 million.
