Several major homebuilders have purchased a total of $107.4 million worth of homesites in the Avenir community in Palm Beach Gardens, according to an April 10 announcement. The transactions come at a time when single-family home prices in South Florida have shown signs of decline.
The deals involve GL Homes, Hearthstone, and PulteGroup’s DiVosta Homes, all acquiring sites within Orchid Isles, a planned single-family development inside Avenir. Records show that GL Homes paid $28.1 million for 42 sites, averaging $669,000 per site. Hearthstone acquired 60 sites for $39 million, or about $650,000 per site. DiVosta Homes spent $40.3 million on 62 sites at the same average price per site.
All three purchases were made from Kenco Communities led by Ken Endelson. The sales highlight continued investment activity among builders despite recent market shifts.
GL Homes is based in Sunrise and recently invested further in Palm Beach County with an $80 million purchase of land in Westlake earlier this year. Hearthstone’s acquisition marks its first entry into Avenir; the company is led by founder and CEO Mark Porath.
Avenir spans 4,800 acres and is planned to include nearly 3,900 residential units—mostly single-family homes—along with retail space, medical offices, a hotel with 300 rooms, and a large nature preserve. Panther National golf community designed by Jack Nicklaus is also under construction within Avenir.
In addition to these developments, Centaur Holdings secured a $160 million construction loan last year for Panther National’s project covering almost 400 acres within Avenir. PulteGroup also expanded its presence by buying more homesites next to its Avondale at Avenir project last year.
While luxury housing remains strong locally, the overall market for single-family homes has faced challenges recently as prices have dropped across South Florida.
