Lennar Acquires Three Century Homebuilders Properties for $24.8M Amid Leadership Transition
Miami Real Estate Powerhouse Expands Footprint in Booming South Florida Market
Miami-based Lennar Homes has significantly expanded its development portfolio in south Miami-Dade County, acquiring three residential development sites from Century Homebuilders Group in a transaction valued at $24.8 million. The deal encompasses approximately 25 acres across three distinct properties, according to property records and data from real estate database Vizzda.
The acquisition comes during a period of transition for Century Homebuilders Group, which is now under the leadership of Tatiana Pino following the death of her estranged husband, Sergio Pino, last summer. The transaction structure includes a profit-sharing component, with Century Homebuilders set to receive a portion of proceeds when Lennar eventually sells the developed home sites.
Property Details: Strategic Locations Across South Miami-Dade
The three properties included in the transaction offer diverse development opportunities in sought-after locations:
- Portobello Estates - A 9.4-acre parcel situated at Southeast 18th Avenue and the Florida Turnpike Extension, acquired for $7 million. The site has entitlements for 54 single-family homes. Century Homebuilders had purchased this property for $5.5 million shortly before Sergio Pino's death, representing a significant return on investment in less than a year.
- Century Park Villas East - Located at Northeast First Avenue and Palm Drive in Homestead, this 8.5-acre property sold for $11.3 million. The land, which Century Homebuilders acquired for $5.5 million in 2022, has zoning approval for 117 townhouses, making it the largest of the three developments in terms of unit count.
- Century Estates Royal - Positioned at 192nd Avenue and Mowry Drive in Homestead, this 6.8-acre site rounds out the portfolio. The property carries zoning entitlements for three single-family homes and 54 residential units distributed across 27 duplex buildings, providing a mix of housing options for future residents.
Leadership Transition Amid Personal Tragedy
The sale marks a significant business decision for Tatiana Pino, who assumed control of Century Homebuilders Group under extraordinary circumstances. She took the helm of the Coral Gables-based development firm following the death of Sergio Pino, who died by suicide in his waterfront Cocoplum home as federal authorities were preparing to arrest him.
According to federal investigators, Sergio Pino had allegedly orchestrated multiple attempts to have Tatiana Pino killed during their divorce proceedings, reportedly motivated by her claim to half of their substantial estate, valued at up to $360 million.
Ongoing Legal Challenges for Century Homebuilders
The company's leadership transition has not been without challenges. Carlos Pino, Sergio's brother, has initiated legal proceedings seeking a stake in the development firm. Court filings indicate that Carlos Pino has petitioned for an expedited non-jury trial in the case, with a hearing scheduled for early next month.
These internal conflicts add another layer of complexity to Century Homebuilders' operations as Tatiana Pino navigates both the leadership of the company and the substantial real estate transaction with Lennar Homes.
Market Implications and Future Development
The acquisition reinforces Lennar's position as a dominant force in South Florida's residential development landscape. As one of America's leading homebuilders, Lennar's investment in these properties signals continued confidence in the Miami-Dade housing market despite broader economic uncertainties.
The transaction also highlights the valuable nature of entitled land in South Miami-Dade County, with Century Homebuilders realizing significant appreciation on properties held for relatively short periods. The Portobello Estates and Century Park Villas East properties alone generated approximately $7.3 million in value increase since their initial purchase.
Insights: South Florida Real Estate Development
Why is Homestead becoming increasingly attractive to major developers?
Homestead represents one of the last areas in Miami-Dade County with substantial land available for new residential communities. Its relative affordability compared to northern Miami-Dade locations, combined with improved infrastructure and growing amenities, has positioned it as an expansion target for major developers seeking to meet housing demand while maintaining attainable price points.
How common are profit-sharing arrangements in large land transactions?
Profit-sharing structures like the one between Century Homebuilders and Lennar have become increasingly popular in South Florida real estate deals. These arrangements allow sellers to maintain some upside potential while giving buyers more favorable initial acquisition terms. They're particularly common when the seller has already invested in entitlements and pre-development work that adds substantial value to the raw land.
What impact might this acquisition have on local housing prices?
While new development often introduces higher price points to an area, Lennar's economies of scale may allow for more competitive pricing than smaller developers could offer. The mixed housing types across these three developments—from single-family homes to townhouses and duplexes—should provide various price points that could help meet diverse housing needs in south Miami-Dade.
How does the entitlement process affect land values in Miami-Dade County?
The dramatic appreciation of these properties demonstrates how valuable entitled land has become in Miami-Dade. The process of obtaining approvals for residential development can take years and add substantial costs, but the resulting value increase often justifies the investment. In this case, Century Homebuilders' work in securing approvals likely contributed significantly to the properties' appeal to Lennar.
