Lennar Rolls Out $1.1B Multifamily Fund


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The new fund represents “a milestone” for Lennar’s apartment business, says Miller.

MIAMI—Lennar Corp. said Wednesday it had formedLennar Multifamily Venture, an equity fund betweenLennar Multifamily Communities and institutional and sovereign investors from across the globe. With a first close giving it about $1.1 billion in equity commitments, LMV will target investments in class-A multifamily development assets in the 25 top metropolitan markets across the US.

“Today’s announcement marks a significant milestone in the evolution of our multifamily business,” which was launched in 2011, says Lennar CEO Stuart Miller. Up until now, he says, “we have been building our apartment communities in individual ventures, which were structured to sell the assets once they were leased and stabilized. In addition to receiving a consistent fee stream, our new ‘development-to-core’ venture allows us to earn the development promote when the community is stabilized and maintain an ownership interest in the income-producing community.”…


Lennar Rolls Out $1.1B Multifamily Fund

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