LMC Closes $1.3B Multifamily Equity Fund
The fund will focus on Class A apartment communities in the 25 top US metro markets.
CHARLOTTE, NC—LMC, a wholly-owned subsidiary of Lennar Corp., has announced the final close of a $1.3 billion equity fund that will target investments in Class A multifamily properties located in the top 25 US metro markets.
Called Lennar Multifamily Venture II (LMV II), the fund received investment from eight institutional investors as well as a $381 million commitment from Lennar Corp. With target leverage of 50%, the fund should have the capital to develop and acquire $2.6 billion in multifamily assets. The strategy calls for the fund to hold these assets to generate cash for the duration of the fund’s eight-year life.
Macquarie Capital acted as financial advisor and placement agent for LMC.