MIAMI, Feb. 10,
2025 /PRNewswire/ -- Lennar Corporation (NYSE: LEN
and LEN.B, "Lennar") announced today the completion of the
previously announced acquisition of Rausch Coleman Homes, a
residential homebuilder based in Fayetteville, Arkansas ("Rausch Coleman"). Lennar acquired
Rausch Coleman's homebuilding operations, which delivered
approximately 5,300 homes with an average sales price of about
$230,000 in calendar year 2024.
Millrose Properties, Inc. (NYSE: MRP, "Millrose"), a recently
spun-off subsidiary of Lennar, acquired Rausch Coleman's land
assets and Lennar has options on the land.
With this acquisition, Lennar has expanded its footprint into
new markets in Arkansas
(Bentonville/Fayetteville, Little
Rock and Jonesboro),
Oklahoma (Tulsa and Stillwater), Alabama (Birmingham and Tuscaloosa), and Kansas/Missouri (Kansas
City), while adding to its existing footprint in
Texas (Houston and San
Antonio), Oklahoma
(Oklahoma City), Alabama (Huntsville) and Florida (Gulf Coast).
Stuart Miller, Executive Chairman
and Co-Chief Executive Officer of Lennar, said, "We are pleased to
announce that today we completed the acquisition of Rausch Coleman Homes. This acquisition
demonstrates the strength of our recently completed spin-off of
Millrose Properties, as Lennar purchased Rausch Coleman's
homebuilding operations while Millrose purchased its land assets.
We expect that the homebuilding component of this acquisition will
produce outsized returns, as it was executed in accordance with our
asset-light strategy. We would like to extend a warm welcome to the
Rausch Coleman associates joining the Lennar family."
About Lennar
Lennar Corporation, founded in 1954, is one of the nation's
leading builders of quality homes for all generations. Lennar
builds affordable, move-up and active adult homes primarily under
the Lennar brand name. Lennar's Financial Services segment provides
mortgage financing, title and closing services primarily for buyers
of Lennar's homes and, through LMF Commercial, originates mortgage
loans secured primarily by commercial real estate properties
throughout the United States.
Lennar's Multifamily segment is a nationwide developer of
high-quality multifamily rental properties. LENX drives
Lennar's technology, innovation and strategic investments. For more
information about Lennar, please visit www.lennar.com.
Forward-looking Statements
This press release contains forward-looking statements,
including, in particular, statements about the business, plans,
strategies and objectives of Lennar following the acquisition,
including the markets Lennar will enter into and the return it will
achieve. You can generally identify forward-looking statements by
our use of forward-looking terminology such as "may," "can,"
"shall," "will," "expect," "intend," "anticipate," "estimate,"
"believe," "continue" or other similar words or the negatives
thereof. Assumptions relating to these statements involve judgments
with respect to, among other things, competitive and market
conditions and future business decisions, all of which are
difficult or impossible to accurately predict and many of which are
beyond our control. There can be no assurance that these
forward-looking statements will prove to be accurate and our actual
results, performance and achievements may be materially different
from that expressed or implied by these forward-looking statements.
In light of the significant uncertainties inherent in these
forward-looking statements, the inclusion of this information
should not be regarded as a representation by us or any other
person that our objectives and plans, which we consider to be
reasonable, will be achieved.
Contact:
Ian Frazer
Investor Relations
Lennar Corporation
(305) 485-4129
View original
content:https://www.prnewswire.com/news-releases/lennar-completes-acquisition-of-rausch-coleman-homes-302372794.html
SOURCE Lennar Corporation
