MIAMI—Not all significant sales in South Florida commercial real estate market revolve around multifamily, office, and industrial. A 121-acre golf course in Weston, FL just sold for $30 million.
The buyer, Terra Weston Residential, plans to redevelop the land into 125 single-family homes. Located at the intersection of 16600 West State Road 84 and 200 Bonaventure Boulevard, the land is the only available plot with zoning provisions to build single-family homes in Weston.
Aztec Group brokered the sale of the land on behalf of both the buyer and the seller, CG Golf Venture. The land is currently home to Bonaventure West Golf Course.
“Given our long standing relationships with both the seller and the buyer, Aztec was able to bring the two groups together to complete the transaction, reaching favorable terms for both sides,” says Ezra Katz, founder and CEO of Aztec. “Given the strength of the Weston market, considered one of the most desirable neighborhoods in South Florida for the quality lifestyle it offers families, we recognized the need for additional single-family development and the site's potential for this type of use.”
Weston's residential market continues to post strong recovery. Values of single-family homes are $1 million-plus, recovering to the 2006 and 2007 levels. The area is also seeing a higher number of cash buyers—and about half of all home buyers today are foreign nationals.
“With prime land scarce throughout South Florida, this was an excellent investment opportunity to acquire land suitable for residential development in an attractive area like Weston that is thought after by international buyers from countries like Brazil and Venezuela,” says Boaz Ashbel, managing director of Aztec. “With most homes build in the mid- to late-1990s, there is a strong demand for new residential product.”
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