DR Horton Drops $65M for 97 Acres in Homestead
D.R. Horton acquired the property at Southwest 328th Street and Southeast 6th Street from the Alger family, headed by Richard Alger. The Algers, well-established farmers in Homestead, operate Alger Farms, known for its cultivation of sweet corn and green beans. Apart from the sold land, they also own other agricultural fields in the vicinity.
According to the Real Deal, it’s been a year of shake-ups for D.R. Horton, the nation’s largest homebuilder by volume. Founder Donald R. Horton died in May, and the company’s Executive Vice Chairman David V. Auld was promoted to executive chairman of the firm. Paul Romanowski was appointed CEO in September, following Auld’s nine-year run in the role.
Despite inflation and high interest rates, the firm saw a 14 percent jump in home sales in the first quarter of the year. Warren Buffett made headlines last year when he invested roughly $726 million in D.R. Horton, signaling confidence in strong demand for the nation’s short supply of housing.
