🠈 Lennar Corporation 🠊
Lennar Corporation is a Fortune 500 construction company with headquarters in Miami, Fl. They trade on the NYSE with the symbol LEN.
Lennar owns Rialto Capital Management which operates private equity funds that invest in real estate.
I pulled the basic structure for the corporate history from this site's About Us page2
- 1956: Gene Fisher and Arnold Rosen established F&R Builders in Miami, Florida.
- 1971: Leonard Miller joined the firm and became partner with Arnold Rosen.
- 1972: LEOnard and ARnold renamed the company Lennar Corporation and went public on the American Exchange.
- 1981: The company moved to the NYSE with the symbol LEN.
- 1982: Lennar acquired H. Miller & Sons, Inc. for $24 million.3
- 1989: Lennar formed Universal American Mortgage Company (UAMC).
- 1990: Lennar formed LNR, headed by Jeff Krasnoff, to invest in distressed properties
- 1991: Lennar entered the Texas market with suburban houses in Dallas.
- 199?: Lennar, with financing from The Morgan Stanley Real Estate Fund, bought the portfolio of failed AmeriFirst Bank from The Resolution Trust Corporation for about $450 million.
- 1997: LNR spun off Lennar with Krasnoff as president.
- 2005: Cerberus took LNR off the market in a $3.8 billion deal8.
- 2000: Lennar acquired U.S. Home Corporation for $476 million in cash and stock.
- 2001: Lennar bought the home building operations of Fortress Investment Group.
- 2002: Lennar acquired Patriot Homes of Columbia, Md.
- 2002: Lennar acquired Barry Andrews Homes of Baltimore, Md.
- 2002: Lennar acquired Don Galloway Homes.
- 2002: Lennar acquired The Genesee Company.
- 2002: Lennar acquired Cambridge Homes.
- 2002: Lennar acquired Sunstar Communities.
- 2002: Lennar acquired Concord Homes and Summit Homes of Chicago.
- 2003: Lennar acquired Coleman Homes..
- 2004: Lennar acquired Newhall Land and Farming Company for $990 million.
- 2004: Lennar acquired the assets of Queens Properties for $33.8 million.
- 2004: Lennar acquired Connel-Barron Homes.
- 2004: Lennar acquired Classic American Homes.
- 2005: Lennar acquired Barker Coleman Homes.
- 2005: Lennar bought El Torr, a 3,718-acre Marine Corps Air Station, for redevelopment.
- 2007: Lennar created Rialto Capital Management with Jeff Krasnoff as president.
- 2011: Company launched Lennar Multifamily Communities to build luxury apartment communities.
- 2012: Lennar introduced NEXT GEN® for especially for multi-generational families.
- 2014: Lennar acquired Pinnacle Mortgage Group, Inc. and created Lennar Financial Services.
- 2017: Lennar acquired acquired WCI Communities.
- 2017: Lennar rebrands UAMC as Eagle Home Mortgage.
- 2018: Lennar merged with CalAtlantic Homes and became the nation’s largest homebuilder.4
History of calAtlantic
CalAtlantic was created by the merger of Standard Pacific and Ryland in 2015. It became the 4th largest homebuilder at the time of the merger. The company was based in Arlington, Va. Here are select corporate events.
History of Standard Pacific7
- 1961: Arthus Svendsum and Ronald Foell started Standard-Pacific Homes SP in Orange County, Ca.
- 1986: SP adopted a master limited partnership.
- 1992: Standard Pacific dropped the hyphen in its name.
- 1998: SP launched Family Lending Services, Inc.
- 1998: SP formed SPH Mortgage in conjunction with Wells Fargo.
- 2000: SP acquired Writer Corporation in Colorado for $65.4 million.
- 2001: SP acquired Westbrooke Homes based in Miami.
- 2001: SP acquired Colony Homes of Orlando.
- 2002: SP acquired Westfield Homes USA of Florida for $59 million.
- 2015: Standard Pacific Homes merged with Ryland Homes6
History of Ryland Homes
- 1968: James P. Ryan founded the James P. Ryan Company in Columbia, Md.
- 1970: Company changed its name to The Ryland Group, Inc..
- 1971: Ryland expanded to Atlanta and held an IPO.
- 1977: Ryland built its 10,000th home.
- 1978: Ryland acquired Cincinnati-based Crest Communities.
- 1978: Company entered the mortgage business.
- 1986: Ryland acquired M.J. Brock and Sons of California. It was the first coast to coast home builder.
- 1998: Ryland acquired Regency Communities of Tampa.
- 2012: Ryland bought the Charlotte and Raleigh assets of Timberstone Homes.
- 2013: Ryland acquired Cornell Homes of Philadelphia.
- 2017: CalAtlantic acquired Oakpointe, LLC in Seattle, Wa.
- 2018: CalAtlantic acquired Salt Lake based Candlelight Homes. The sale was finalized after the company changed its name to Lennar.5
- 2019: Stone Point Capital acquired the investment and asset management divisions of Rialto for $340 million. Lennar is keeping the mortgage and select portions of the investment portfolio.
- Wikipedia - Lennar (Drawn 11/12/2019)
- Lennar - About Us (Drawn 11/12/2019)
- Funding Universe - Lennar (Drawn 11/12/2019)
- OC Register - Standard Pacific/Ryland Merger (Drawn 11/12/2019)
- Housing Wire - CalAtlantic Acquires Candlelight (Drawn 11/12/2019)
- Wikipedia - Ryland Homes (Drawn 11/12/2019)
- Funding Universe - Standard Pacific (Drawn 11/12/2019)
- Builder Online - Cerberus buys LNR (Drawn 11/12/2019)
- PR Newswire - Lennar Completes Sale of Rialto (Drawn 11/12/2019)
- Phoenix Color - Construction: Lennar Corporation
- Pima County - Construction: Lennar Corporation
- Denver Color - Construction: Lennar Corporation
- Davis County - Apartments: Shamrock Cottages
- Salt Lake Sites - Developments: Lennar Corporation
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