Lennar Corporation is a home construction company based in Miami, Florida. In 2016, the company was the 2nd largest home builder in the United States based on the number of homes closed. With the recent business combination with CalAtlantic Group, Inc., one of the nation's largest and most respected homebuilders, Lennar is now the nation's largest and leading homebuilder. The company is ranked 260th on the Fortune 500. The company operates in 17 states.
The company also owns Rialto Capital Management, the sponsor of 6 private equity funds that invest in real estate and an originator commercial mortgage loans for securitization.
The company also developed and retains ownership interests in 53 apartment communities.
The name Lennar is a portmanteau of the first names of 2 of the founders of the company, Leonard Miller and Arnold Rosen.
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History
The company dates back F&R Builders, a company founded in 1954 by Gene Fisher and real estate developer Arnold P. Rosen. In 1956, Lenard Miller, a 23-year-old entrepreneur who owned 42 lots in Miami-Dade County, Florida, invested $10,000 and partnered with the company.
In 1969, Miller and Rosen formed Lennar Corporation.
In 1971, the company became a public company via an initial public offering.
In 1973, the company acquired Mastercraft Homes, based in Phoenix, Arizona, for approximately $2 million.
In 1979, the company acquired Womack Development Company.
In 1980, the company acquired Richmond American Homes of Florida for $18 million and acquired Bert L. Smokler & Company.
In 1984, the company acquired H. Miller & Sons for $24 million.
In 1991, the company acquired North American Title Company.
In 1992, following Hurricane Andrew, the company faced several lawsuits from homeowners alleging careless building quality.
In 1995, the company acquired Friendswood Development Company from Exxon.
In 1996, the company acquired Winncrest Homes. The company also acquired 2,200 acres (8.9 km2) acres in and took over management of Coto de Caza, California, a census-designated place and a gated community, from Chevron Corporation.
In 1997, the company acquired West Venture Homes. It also spun off its commercial servicing division, LNR Property Corporation, which was acquired by Starwood Capital Group in 2012.
In 1997, Stuart Miller, the son of co-founder Leonard Miller, took over the company. Leonard Miller died in 2002.
In 1998, the company acquired three closely held home construction companies operating in California for $370 million.
In 2000, the company acquired U.S. Home Corporation for $476 million in cash and stock.
In 2001, the company acquired home building operations from Fortress Investment Group.
In 2002, the company acquired Patriot Homes based in Columbia, Maryland. It also acquired Concord Homes and Summit Homes, both based in Chicago. The company also acquired 650 acres (2.6 km2) on Mare Island, in a closed Navy base, for redevelopment.
In 2004, the company acquired Newhall Land and Farming Company for $990 million. The company also acquired the assets of Queens Properties for $33.8 million.
In February 2005, the company acquired the 3,718-acre Marine Corps Air Station El Toro for redevelopment.
In March 2006, the company acquired 13 acres in Anaheim, California for $56 million.
In November 2006, chairman Robert J. Strudler, who previously led U.S. Home Corp until it was acquired by Lennar in 2000, died.
In December 2007, during the subprime mortgage crisis, the company sold an 80% interest in 11,000 properties for 40% of their previously stated book value to Morgan Stanley.
In early 2008, the company reported a 60% year-over-year drop in new home deliveries as it suffered from the financial crisis of 2007-2008.
In 2011, former businessman and convicted felon Barry Minkow engaged in an extortion scheme to manipulate the company's stock, which caused the shares to lose 26% of their value in a day. Minkow was sentenced to 5 years in prison, and was ordered to pay $584 million in restitution. San Diego real estate developer Nicolas Marsch III hired Minkow to back his claims that Lennar cheated Marsch out of millions of dollars on a private golf community.
In March 2013, the company acquired 20.6 acres in Norcross, Georgia for $7.59 million.
In April 2014, the company proposed building 572 single family homes and 124 townhouses in Forsyth County, Georgia.
In June 2014, the company began selling houses at the former navy shipyard at Bayview-Hunters Point, San Francisco.
In February 2016, the company acquired 143 acres in Miami Lakes for $74.4 million and announced plans to build 267 single-family homes and 238 townhouses on the site. The company also sold a new 167-unit apartment complex in Chicago.
In November 2016, the company sold a 252-unit apartment complex in Orlando, Florida for $42.83 million.
In January 2017, the company acquired a parcel in Charlotte, North Carolina for $23 million an announced plans to construct a mixed-use property on the site.
In February 2017, the company acquired WCI Communities, which operated in Florida, for $643 million.
In March 2017, the company acquired Westchester Pavilion in White Plains, New York for $56.6 million and announced plans to redevelop the site into 700 apartments and 90,000 square feet of retail space.
In April 2017, the company acquired a 225-acre farm in Wake County, North Carolina for $25.7 million.
In October 2017, the company acquired land in Plantation, Florida and announced plans to build a 271-unit luxury apartment complex on the site. In October 2017, the company, whose CEO Stuart Miller received a $2 million pay boost one year previously, is getting sued for fraud and breach of warranty.
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Proposed Merger
In October 2017, Lennar and CalAtlantic Homes agreed to a $5.7 billion merger. The combined company would become America's largest homebuilder, with combined revenues of $17 billion.
Source of the article : Wikipedia
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