Lennar Forms JV With CPP Investments To Develop New Apartment Homes

Lennar Corp’s 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.