Lennar Corp has put up $504M to invest in multifamily properties in the country's Top 25 markets through a $1.1B new fund, Lennar Multifamily Venture. The rest of the money is coming from institutional investors and global sovereign funds. The fund already has 19 undeveloped multifamily projects totaling about 6,120 units and valued at about $2.1B; these were either owned by Lennar’s multifamily division or are under contract, the South Florida Business Journal reports. The fund is targeting a three-year investment period and an eight-year term. [SFBJ]
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