Lennar
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Lennar headquarters in Miami
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| Public | |
| Traded as | |
| Industry | Construction |
| Founded | 1954 |
| Founder | Leonard Miller |
| Headquarters | Miami, Florida |
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Area served
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18 states across the United States |
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Key people
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Stuart A. Miller (President and CEO) |
 US$ 329 million (2016 2Q) |
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US$ 218 million (2016 2Q) |
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| Total assets |
US$ 14.8 billion (2016) |
| Total equity |
US$ 6.1 billion (2016) |
| Website | www |
Lennar Corporation (: LEN) is a Fortune 500 company based in Miami, Florida, United States, in the Fontainebleau area. It was founded in 1954.
Lennar started as a single-family homebuilder in Miami, Florida, in the early 1950s and it has grown by acquisition. It concentrates on single-family attached and detached homes and purchases land through unconsolidated entities. Rialto Capital Managements is part of Lennar’s financial arm. Rialto invests in real estate and manages funds that invest in real estate. It also provides mortgage financing, title insurance, and closing services. While Lennar is an originator, it sells its origination pipeline in the secondary market and doesn’t retain servicing.
In 2008, Lennar was the United States' second largest homebuilder, constructing homes in 18 different states throughout the United States, including Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas, Virginia.
Its commercial operations are handled by its spinoff LNR Property corporation, now owned by Cerberus Capital Management.
Originally co-founded in 1954, under the name of F&R Builders by Gene Fisher and Arnold Rosen. Gene Fisher was replaced by Leonard Miller when Leonard invested $10,000 into F&R Builders. In 1971, F&R Builders went public under the new name of Lennar, a combination of Leonard and Arnold. In 1992, following Hurricane Andrew, as the largest house builder in Florida, Lennar faced numerous lawsuits. In 1995, Lennar acquired two homebuilders in Texas; in 1996, the company acquired two homebuilders in California. In 1998, Lennar acquired the North American Title Company, title and escrow service company in Arizona, California, and Colorado.
In 1997, Leonard Miller died and his son, Stuart Miller, replaced him as CEO and President of the company.
In 1997 it spun off LNR Property corporation, which handles the commercial operations, under control of Stuart Miller. According to corporate disclosure, Stuart Miller is "the sole director and officer of a family-owned corporation which owns stock that gives it voting control of both companies.", referring to Lennar Corporation and LNR Property Corp.
In 2006 it was listed as a Fortune 200 company and one of Forbe's America's Best Managed companies.
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Wikipedia