Lennar Corporation raises $1.3bn

The Miami, US-based real estate firm closes second multifamily fund.

Lennar Corporation has held a final close for Lennar Multifamily Venture II (LMV II) at $1.3 billion. The fund will adopt a “build-to-core strategy” to invest in class A multifamily properties in the top 25 US metropolitan markets.

Eight institutional investors committed to the vehicle, including pension funds, sovereign wealth funds, banks and insurance companies. Lennar Corporation’s contribution amounted to $381 million.

The firm’s debut fund, Lennar Multifamily Venture (LMV), closed at $2.2 billion in October 2016.

Macquarie Capital acted as financial advisor and placement agent for LMV II.