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Lennar closes $2.2B multifamily fund

LennarCorp.'s LMC unit received an additional $250 million commitment forthe Lennar MultifamilyVenture, bringing the total commitments to $2.2 billion.

Lennar Multifamily Venture is now well capitalized to buildand own class A multifamily communities in 25 target markets across the nation,Lennar said in a release.

The latest commitment marks the completion of fundraisingfor the long-term multifamily development investment vehicle, Lennar said. Thefund's first closing totaled $1.1 billion in July 2015.

The vehicle's ownership includes six institutionalinvestors, including foreign pensions, sovereign wealth funds and insurancecompanies. Lennar's commitment in the venture is $504 million.

The venture has approximately 9,100 apartment homes underdevelopment in 31 communities, with a total development cost of $3.1 billion.Lennar Multifamily Venture has approximately $1.3 billion to invest in futureopportunities with its combined commitments and 50% leverage.

Macquarie Capital was the financial adviser and placementagent for Lennar Multifamily Venture.