BTI Partners sold approximately 309 multifamily lots spanning nearly 20 acres in Riviera Beach, Florida to Lennar Corporation for $19.2 million. The transaction addresses housing demand in this working-class community, roughly 50 miles north of Fort Lauderdale and 75 miles north of Miami.
The development, called Arbor Parc, will ultimately contain 500 homes and townhomes with starting prices in the mid-$200,000s—unusually affordable for new South Florida construction. BTI Partners acquired the land in 2011 following the housing recession and secured necessary governmental approvals before marketing the project.
