Even as profits dip, homebuilder Lennar is plowing away, paying $164.5 million for a development site in Sunrise, Fla., property records show.

The parcel spans about 152 acres at 7400 Northwest 24th Place, where the now-closed Sunrise Country Club once stood. The property has been entitled for a master-planned community called Solterra with 500 townhouses and 400 single-family homes. 

CC Homes, a joint venture between developers Jim Carr and Armando Codina, and Windsor Investments sold the development site, having purchased it for $12.3 million. The Business Journals first reported the sale.

The recent sale equates to just over $1 million per acre. New York-based DW Partners purchased the asset while acting as a land bank for Lennar, according to documents filed to Broward County. The bank will typically hold a piece of property until Lennar is ready to develop it. 

The transaction comes as Lennar’s profits have dipped as middle-class homebuyers are hit hard by persistent inflation and stubbornly elevated mortgage rates. Between 2024 and 2025, the company’s net earnings fell by about 46 percent to $2.1 billion.

“Even as interest rates moved slightly lower in our fourth quarter, the overall market remained challenged,” Stuart Miller, executive chairman and co-CEO of Lennar, told investors in December during a fourth-quarter earnings call. “Our strategy remains consistent and clear: maintain volume, adapt to evolving conditions, reduce costs, and support housing affordability.”

This year, the Miami-based company is slated to deliver about 85,000 homes.

Representatives for CC Homes declined to comment, while a spokesperson for Lennar did not immediately respond to requests for comment. 

Julia Echikson can be reached at jechikson@commercialobserver.com.