Lennar Corporation (LEN), one of the nation's leading homebuilders, today announced that it has closed on a lot purchase agreement with Level Homes. As a result of the transaction, Lennar now controls an additional 1,602 new homesites across seven communities throughout the Raleigh market including 5401 North, Willow Oakand Meadowbrook. An affiliate of Level Homes will develop and deliver these homesites to Lennar over the next several years.
"Raleigh is a very important market for Lennar and this acquisition expands our footprint and supports our growth plans in the Triangle," said Troy George, Raleigh Division President for Lennar. "Level has earned a strong reputation for acquiring land that is uniquely positioned. These homesites will further diversify our geographic and product mix across the Raleigh market and bolster our already strong land pipeline in the years ahead."
"Raleigh-Durham has been a great market for Level Homes. We are appreciative of the terrific people that made Level Homes successful over the years and we are excited to continue developing real estate as Engquist Development," said Todd Waguespack, Managing Partner for Level Homes.
This transaction enables Lennar to maintain the position of largest homebuilder in the Triangle with 13 percent of the total market share in new home construction and approximately 25 percent of the overall townhome market.
About Lennar Corporation
Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. The Company 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 Rialto Mortgage Finance, 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. Lennar Ventures drives the Company's technology and innovation strategies. For more information about Lennar, please visit www.lennar.com.
