An affiliate of Lennar Corp.’s multifamily division has purchased a vacant site in the Flagler Village neighborhood of downtown Fort Lauderdale for $12.5 million. The 2.2 acre site consists of properties located at 104, 110 and 120 N.E. Fourth St., plus 117 and 119 N.E. Third St. just north of downtown. The seller, Fourth Street Land Development, sold the land for $131 a square foot. In July Lennar contributed $504 million toward a $1.1 billion fund to invest in apartment projects. Lennar is managing that fund, which has 19 properties and projects under contract.
