Century Homebuilders Group sold three residential development sites in South Dade to a land bank representing Lennar for $24.8M.
:quality(75))
Tatiana Pino — who took over the company following the death of her husband, Sergio Pino — sold the land to an affiliate of TPG Angelo Gordon, Essential Housing, which works as a land bank on behalf of Lennar, the South Florida Business Journal first reported.
Each of the properties sold for a sizable gain, showing how much demand remains for development sites in South Florida.
Century sold 9 acres at Southwest 192nd Avenue and 320th Street in Florida City for $11.3M in the largest deal in the portfolio. It had proposed a 117-unit townhome development named Century Parc Villas East on the site after acquiring it in 2022 for $5.5M, according to property records provided by Vizzda.
Lennar also took over the 7-acre Century Estates Royal site in Homestead, planned for three single-family homes and 27 duplexes, for $6.4M after Century paid $2M for it in 2022. A second Homestead parcel, which had proposals for 54 single-family homes on 9 acres, sold for $7M after the Pinos acquired it in June 2024 for $5.5M.
Tatiana Pino signed the deeds for each transaction. She took over as head of Century after her late husband died by suicide in July 2024, just before federal agents raided his Coral Gables home.
He was being investigated by the FBI for allegedly trying to poison his wife and hiring someone to kill her amid divorce proceedings, the Miami Herald reported.
While Tatiana Pino is the head of Century Homebuilders, a hearing is set for next month as Sergio Pino’s brother, Carlos Pino, fights for a stake in the company, The Real Deal reported.
In November, the company was hit with a foreclosure lawsuit on a multifamily development near Miami International Airport. Lument, a subsidiary of alternative asset manager Orix USA, claims Century failed to pay a $49.5M mortgage tied the six-story, 230-unit 850 Living apartment complex.
A sale for the property was expected to close by the end of 2024, but it is unclear if a deal went through.
Pino and officials with Century didn't respond to Bisnow’s request for comment on the portfolio sale or an update on the 850 Living apartment complex.
EDITOR’S NOTE — In the U.S., the national suicide and crisis lifeline is available by calling or texting 988. There is also an online chat at 988lifeline.org
)
)
)
)
)
)
)
)
)
)
)
)