Lennar Forms JV With CPP Investments To Develop New Apartment Homes

• Lennar Corp’s (NYSE:LEN) wholly-owned subsidiary LMC and Canada Pension Plan Investment Board (CPP Investments) have formed a new joint venture (JV) to develop multifamily residential communities.
• CPP Investments and LMC have allocated $979 million in equity to the joint venture.
• CPP Investments will own a 96% stake, and LMC will own the remaining 4%.
• The JV will focus on urban and suburban communities across major U.S. markets.
• The venture will launch with five seed assets: One in Boston, one in Miami, and three in Denver, together totaling 1,371 apartment homes.
• Price Action: LEN shares are trading lower by 2.91% at $86.83 on the last check Tuesday.