LMC Closes $1.3B Multifamily Fund

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The subsidiary of Lennar Corp. announced the final closing of the equity fund, which targets investments in Class A communities across the country.

LMC has announced the final closing of its $1.3 billion equity fund, LMV II. The firm’s second fund targets investments in Class A multifamily properties in the top 25 metro areas in the U.S.

Read also: LMC Breaks Ground on 445-Unit Minneapolis Property

The closing announcement comes on the heels of the company’s previous fund, LMV, and features many of the same investors, according to the firm. The LMV II fund ownership group includes eight institutional investors, a collection of foreign pensions, sovereign wealth funds, banks and insurance companies. Additionally, Lennar Corp. has a $381 million commitment to the fund. LMC retained Macquarie Capital as its financial advisor and placement agent.

The fund, which has an eight-year life, will develop and acquire apartment communities across the U.S. and hold the properties in order to generate cash flow. Top growth and gateway markets in cities across the U.S. will be the focus of the fund, which will target leverage of 50 percent. The fund will provide LMC with the capital to develop and acquire $2.6 billion in multifamily properties across the country.

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