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Lennar closes multifamily fundraising

Oct. 05, 2016 7:18 AM ETLennar Corporation (LEN) StockBy: Stephen Alpher, SA News Editor
  • Lennar's (NYSE:LEN) wholly owned subsidiary LMC received another $250M commitment to its Lennar Multifamily Venture, thus completing fundraising for the vehicle at $2.2B raised.
  • LMC intends to develop and own Class A apartment communities in 25 target markets throughout the country.
  • LMC launched in 2011, and currently has 13.3K units in 45 communities operating or under construction. Lennar President Rick Beckwitt says the strategy at this point in the cycle is to "build to own" rather than "build to sell."

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