MIAMI—Homebuilders are scrambling to meet the rising demand even as land becomes more difficult to find in South Florida. It's against that backdrop that Lennar Homes snagged a 7.32-acre site in Tamarac, FL.

Continental Real Estate Companies (CREC) represented Lennar and the seller, Perry Ventures, on the sale of the unimproved site for 68 townhomes. The site is located at 5931 West Commercial Boulevard and sits just west of the Florida Turnpike.

“Homebuilder lot inventory in the Broward County market has evaporated as demand for new homes far exceeds deliveries,” says Peter Mekras, senior vice president of CREC. “Large tracts of land that can be entitled for the homes that the masses can afford no longer exist in South Florida. A national homebuilder buying a site for only 68 homes is indicative of that trend.”

The sale was the second time CREC sold the property over the last 14 months. Mekras represented Perry on its acquisition of the property in late 2013 for just under $1 million. CREC associate Andre Remick assisted Mekras on the deal.

Mekras leads CREC's multifamily and land practices, which has completed $175 million in South Florida transactions over the last 12 months. Mekras is currently marketing over 600 lots geared towards homebuilders in Miami-Dade County, Palm Beach County, and the Orlando MSA.

CREC also recently purchased Royal University Plaza in a joint venture with Lubert Adler Real Estate Funds. The firm late last year brokered the sale of a rare Edgewater office building.