MIAMI—Lennar Corporation just inked a $1.1 billion venture with a slew of investors. Lennar Multifamily Venture (LMV) is an equity fund between Lennar Multifamily Communities and global sovereign and institutional investors targeting investments in class A multifamily development assets in 25 top metropolitan markets in the United States.

The business plan: to provide better risk-adjusted returns through a “develop-to-core” strategy—developing multifamily communities and then holding those communities in a portfolio long term for cash flow. LMV will focus on the top growth and gateway multifamily markets in the United States, which it identifies through strong long-term demand fundamentals and constrained supply.

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