Kenco Purchases $107M in Palm Beach Gardens Homesites

Major homebuilders acquire land in Avenir master-planned community as home prices dip

Apr. 11, 2026 at 12:13am

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A photorealistic studio still life of a small, elegant model home made of polished wood and glass, floating on a clean white background with dramatic lighting and deep shadows, representing the abstract concepts of real estate development and the housing market.Major homebuilders acquire prime development sites in Palm Beach Gardens as the regional housing market shows signs of cooling.Today in Miami

Several of South Florida's top homebuilders, including GL Homes, have purchased a combined $107.4 million worth of homesites in the Avenir master-planned community in Palm Beach Gardens. The acquisitions come as home prices in the region have started to decline from recent record highs.

Why it matters

The Avenir development is one of the largest master-planned communities in Palm Beach County, and these land purchases by major builders signal continued confidence in the local housing market despite some cooling of home price appreciation. The transactions also highlight the ongoing consolidation and competition among the region's top homebuilders.

The details

The largest purchase was by Misha Ezratti's GL Homes, which paid $28.1 million for 42 homesites in the planned Orchid Isles single-family community within Avenir. Other major builders like Lennar and Kolter Homes also acquired significant parcels in the development, taking advantage of a dip in home prices to lock in future inventory.

  • The land acquisitions took place in the first quarter of 2026.
  • Home prices in Palm Beach County have declined by an average of 5% over the past 6 months.

The players

GL Homes

One of South Florida's largest and most prolific homebuilders, led by Misha Ezratti.

Lennar

A major national homebuilder that is also active in the Palm Beach Gardens market.

Kolter Homes

A prominent regional homebuilder based in West Palm Beach.

Avenir

A large master-planned community development located in Palm Beach Gardens, Florida.

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What they’re saying

“The recent dip in home prices presented an opportunity for us to acquire prime development sites in one of the region's most desirable master-planned communities.”

— Misha Ezratti, CEO, GL Homes

What’s next

Developers will now begin planning and constructing new home communities within the Avenir project, with the first new homes expected to hit the market in late 2027.

The takeaway

The Avenir land acquisitions demonstrate that major homebuilders remain bullish on the long-term prospects of the Palm Beach Gardens housing market, even as home price growth has moderated in the short term. The transactions also highlight the ongoing consolidation and competition among the region's top builders as they vie for scarce developable land.