RALEIGH, N.C., April 26, 2019 /PRNewswire/ -- Lennar Corporation
(NYSE: LEN and LEN.B), one of the nation's leading homebuilders,
today announced that it has closed on a lot purchase agreement with
Level Homes. As a result of the transaction, Lennar now controls an
additional 1,602 new homesites across seven communities throughout
the Raleigh market including 5401
North, Willow Oak and Meadowbrook.
An affiliate of Level Homes will develop and deliver these
homesites to Lennar over the next several years.
"Raleigh is a very important
market for Lennar and this acquisition expands our footprint and
supports our growth plans in the Triangle," said Troy George, Raleigh Division President for
Lennar. "Level has earned a strong reputation for acquiring land
that is uniquely positioned. These homesites will further diversify
our geographic and product mix across the Raleigh market and bolster our already strong
land pipeline in the years ahead."
"Raleigh-Durham has been a
great market for Level Homes. We are appreciative of the terrific
people that made Level Homes successful over the years and we are
excited to continue developing real estate as Engquist
Development," said Todd Waguespack,
Managing Partner for Level Homes.
This transaction enables Lennar to maintain the position of
largest homebuilder in the Triangle with 13 percent of the total
market share in new home construction and approximately 25 percent
of the overall townhome market.
About Lennar Corporation
Lennar Corporation, founded
in 1954, is one of the nation's leading builders of quality homes
for all generations. The Company builds affordable, move-up and
active adult homes primarily under the Lennar brand name. Lennar's
Financial Services segment provides mortgage financing, title and
closing services primarily for buyers of Lennar's homes and,
through Rialto Mortgage Finance, originates mortgage loans secured
primarily by commercial real estate properties throughout
the United States. Lennar's
Multifamily segment is a nationwide developer of high-quality
multifamily rental properties. Lennar Ventures drives the Company's
technology and innovation strategies. For more information about
Lennar, please visit www.lennar.com.
Media Contact: Danielle
Tocco
Vice President,
Communications
Lennar
Corporation
Danielle.Tocco@Lennar.com
Direct Line: 949.789.1633
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SOURCE Lennar Corporation