Lennar Corp. has formed the Upward America Venture. The business will initially be capitalized with a total equity commitment of $1.25 billion led by Centerbridge alongside Allianz Real Estate and other high-quality institutional investors. The platform will acquire single-family homes for rent in high-growth markets across the United States. Including leverage, the venture will be positioned to acquire more than $4 billion of new single-family homes and townhomes from Lennar and potentially other homebuilders.
Consistent with Lennar’s focus on making the single-family lifestyle available to a broader social and economic array of families, the venture focuses on making new homes affordable to households earning approximately the median income in each market.
Rick Beckwitt, co-CEO and co-president of Lennar, said, “The Upward America Venture continues Lennar’s vision of becoming an ESG-driven homebuilding company by making our high-quality homes not only avail
