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Lennar buys 89-acre site in Florida to build home community

Lennar Corp. acquired an 89-acre development site in Davie, Fla., for $18.6 million from Amzak International Inc., The Real Deal reported, citing property records.

The homebuilder secured $10 million in seller financing for the site on which it plans to build Sierra Ranch, a community of 79 single-family homes, at 1950 S. Hiatus Road.

The development will include a lake, preserve area and park. The homes will be one and two stories tall with five model options, according to the report.