CC Homes, led by Armando Codina and Jim Carr, has sold a development site in Sunrise, Florida, for $164.5 million. The 160-acre property at 7400 Northwest 24th Place was purchased by New York-based DW Partners, which serves as a land bank for Lennar, one of the largest homebuilders in the United States.
The site was originally acquired by CC Homes and its partner Ronald DiGasbarro for $12.3 million. According to public records, CC Homes will also receive a share of proceeds from each future home sale on the property.
The project planned for the site is called Solterra and includes about 400 single-family homes with the rest being townhomes, some of which are designated as affordable housing. The development has been under consideration since at least 2021 when CC Homes reached an agreement with the city to form the Solterra Community Development District (CDD). CDDs are often used in Florida to finance infrastructure such as roads and sewer systems; homeowners take on responsibility for repaying these bonds once all units are sold.
DW Partners and Lennar have entered into a purchase option agreement that allows Lennar to buy the site before 2031. This arrangement enables Lennar to postpone direct ownership until it is ready to begin construction while minimizing risk and keeping land off its financial statements.
Lennar frequently uses land banks like DW Partners to manage large tracts intended for future development. This strategy allows Lennar to focus capital on building rather than holding land.
In related transactions last month, Millrose Properties of Florida—spun off by Lennar as its own land bank—acquired a 20-acre site near Pompano Beach for $50 million. That parcel is slated for more than 400 condos and townhomes within The Pomp mixed-use project. Also last month, DW Partners bought 423 homesites in Homestead’s Keys Gate subdivision from JEN Partners, another land bank associated with Lennar.
Armando Codina and Jim Carr established CC Homes in 2007. Codina also leads Coral Gables-based Codina Partners with his daughter Ana-Marie Codina Barlick. Stuart Miller leads Miami-based Lennar, which remains a major force in residential construction across south Miami-Dade County.
