(Disclosure: Rose Law Group represents Lennar.)
By Symone Strong | Builder Online
Lennar has announced the formation of the Upward America Venture, a platform that will acquire single-family homes for rent in high-growth markets across the United States.
The business will initially be capitalized with a total equity commitment of $1.25 billion led by Centerbridge Partners alongside Allianz Real Estate and other institutional investors. Including leverage, the venture will be positioned to acquire over $4 billion of new single-family homes and townhomes from Lennar and potentially other builders.
“The Upward America Venture continues Lennar’s vision of becoming an ESG-driven home building company by making our high-quality homes not only available for sale but also for rent, with a portion of the homes available with a rent-to-own option,” says Rick Beckwitt, co-CEO and co-president of Lennar. “The vehicle’s social focus provides a unique opportunity for families and individuals across the country to live in brand-new homes at an attainable price point, all without putting up a down payment.”