Sabal Development Trades 10-Acre Miami Parcel to Lennar Homes for $25M
Miami, FL-based Sabal Development and 8290 Partners have sold a 10.17-acre parcel located at 8290 SW 120th Street in Miami for $24.5 million. Lennar Homes acquired the property; no listing agents were involved in the off-market transaction.
Sabal Development purchased the parcel for $6.3 million in January 2015. The company originally requested to rezone the site to build 20 single-family homes in a community known as Veridian Grove. Following a new Comprehensive Development Master Plan), Sabal requested to rezone the site to permit 34 townhomes and 20 homes.
“We are thrilled to sell this special 10-acre Miami parcel for $24.5 million to Lennar Homes, who will make our vision for the community come to life,” said Pascal Nicolai, founder and CEO of Sabal Development.
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