Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s largest homebuilders, announced today that it has acquired more than 450 homes and buildable home sites from Orleans Homes. Financial terms of the transaction were not disclosed.
Lennar’s acquisition includes homes that are in various stages of construction and buildable lots in eight existing residential communities located throughout Pennsylvania, New Jersey and New York, as well as two raw sites in Pennsylvania. The open communities, which serve entry-level, move-up and 55+ home buyers with a mix of single-family detached and townhome designs, are situated in Concord, Yardley and Blue Bell, PA; Jackson, Medford and Moorestown, NJ; and Wallkill, NY.
“In purchasing these assets, we acquired a number of well-located communities that will immediately establish Lennar in the Pennsylvania marketplace while expanding our presence throughout the region,” said Don Bompensa, President of Lennar’s New Jersey Division, which will oversee the new properties. “Our intent is to complete the existing communities and deliver an exceptional consumer experience to homebuyers in these markets.”
Lennar has been a long-time fixture in New Jersey, having successfully developed thousands of homes in award-winning communities throughout the state. Lennar’s current New Jersey portfolio comprises eight active communities located in Mays Landing, Burlington Township, Jackson, Tinton Falls, Monroe, South Brunswick, Weehawken and Rockaway Township. The communities include single-family, townhome and condominium designs, as well as Lennar’s signature Greenbriar active-adult lifestyle brand.
Lennar Corporation, founded in 1954, is one of the nation’s largest builders of quality homes for all generations. The Company builds affordable, move-up and retirement homes primarily under the Lennar brand name. Lennar’s Financial Services segment provides mortgage financing, title insurance and closing services for both buyers of the Company’s homes and others. Lennar’s Rialto segment is a vertically integrated asset management platform focused on investing throughout the commercial real estate capital structure. Lennar’s Multifamily segment is a national developer of high-quality multifamily rental properties. Previous press releases and further information about the Company may be obtained at the “Investor Relations” section of the Company’s website, www.lennar.com.