Lennar Multifamily Venture Receives Another Capital Injection, Bringing Total Commitments To $2.2B
Lennar Corp’s multifamily investment fund has received a $250M investment—bringing its total commitments to roughly $2.2B.
Lennar Multifamily Venture’s fundraising efforts will provide the capital needed to develop and buy Class-A multifamily communities in target US markets. LMV has 9,100 apartment homes under development in 31 communities, which totals $3.1B in development costs, CoStar reports. The company builds a variety of apartments, from high-rise to mid-rise and garden apartments.
Since its initial closing last year, LMV has raised $850M in equity commitments, including a co-investment commitment of $504M from Lennar Corp. Other owners include foreign pensions, sovereign wealth funds and six institutional investors. [CoStar]