Lennar Corporation has announced that LMC, its wholly owned subsidiary, received an additional $250 million commitment to its Lennar Multifamily Venture («LMV«), which completes the fund raising for this long term multifamily development investment vehicle. With commitments totaling $2.2 billion, the Miami based company LMV is well capitalized to develop and own Class A multifamily communities in 25 target markets throughout the United States.
Lennar launched LMC in 2011, and since that time the company has been among the nation’s most active developers. LMC currently has approximately 13,300 apartment homes in 45 communities operating or under construction and including these communities, a total development pipeline that exceeds $7 billion and over 23,000 apartments. The company builds high-rise, mid-rise, and garden apartment communities.
LMV’s ownership includes six prominent institutional investors, comprised of foreign pensions, sovereign wealth funds, and insurance companies. Lennar also has a $504 million commitment to the venture.
Currently, the venture has approximately 9,100 apartment homes under development in 31 communities for a total development cost of $3.1 billion. With the combined equity commitments and 50% leverage, LMV has approximately $1.3 billion in dry powder to invest in future opportunities.
Macquarie Capital acted as a financial advisor and placement agent for LMC.