Kolter Group Spends $26M More on Avenir Homesites in PBG

A Kolter Group entity closed on two homesite purchases in back-to-back days at Landstar Development Group’s Avenir master-planned community in Palm Beach Gardens, paying $16.6 million for 144 sites on August 18 and $9 million for 78 more on August 19, The Real Deal reported. The $25.6 million combined outlay is the homebuilder’s fourth land buy inside the 4,800-acre project since 2023.

Why it matters

Kolter has now bought into Avenir four separate times, and this week’s closings push its total spend in the community past $117 million. That is a striking commitment to a single master-planned neighborhood in South Florida, where large builders typically spread land purchases across several projects to hedge absorption risk. Landstar Development Group, which is master-developing the 4,800-acre site, has now sold homesite tranches to Kolter, Pulte and GL Homes as it builds out Avenir’s residential core.

The numbers

The two August closings bring Kolter’s homesite count at Avenir to 857 lots across four purchases: 144 lots for $18 million in 2023, 491 sites for $73.6 million in a 2024 tranche, and this week’s 144 and 78-lot buys. Combined spend across all four deals tops $117 million. The per-lot price in this week’s closings works out to about $115,300 a site, below the roughly $149,900 a lot Kolter paid in its 2024 purchase and closer to its 2023 entry price of $125,000 a lot. Avenir itself is planned for 3,900 residential units across 4,800 acres, with a 300-key hotel and a 2,400-acre preserve.

What’s next

Kolter has already completed two neighborhoods inside Avenir with homes priced above $800,000, and the fresh homesites give it inventory to keep building out its footprint as Landstar continues selling off parcels to other national builders. With four tranches closed since 2023, Kolter’s per-lot pricing has now moved in both directions, making its next Avenir purchase worth watching for where land costs are heading inside the community.