Kenco cashes in on Palm Beach Gardens homesites for $107M as home prices dip

Some of the region’s most prolific homebuilders dropped a combined $107.4 million on homesites in the master-planned Avenir community in Palm Beach Gardens. Misha Ezratti’s GL Homes paid $28.1 million for 42 sites at the planned Orchid Isles, a planned single-family community development within Avenir, records show. The deal equated to an average of $669,000 per home site. An affiliate of California-based Hearthstone bought a set of 60 sites also in Orchid Isles for $39 million, or $650,000 per home site, according to property records. PulteGroup’s DiVosta Homes paid $40.3 million for 62 sites at Orchid Isles, the South Florida […]This article originally appeared on The Real Deal. Click here to read the full story.