By Kristena Hansen | Phoenix Business Journal
Metro Phoenix’s booming multifamily market has apparently wooed a publicly traded home builder in Miami into the business.
The Business Real Estate Weekly of Arizona reported today Lennar Multifamily Investors LLC — a newly-formed subsidiary of Lennar Corp. (NYSE: LEN) — recently paid $13.5 million for a 5.3-acre lot along Tempe Town Lake where it plans to immediately start building a 328-unit apartment project.
The parcel is located on the south side of the lake and west of Mill Avenue, adjacent to Tempe Beach Park.
BREW said the project is Lennar Multifamily’s first endeavor in the apartment building sector.
