LMC, a subsidiary of Lennar Corporation, has raised $1.3 billion for its equity fund, Lennar Multifamily Venture II (LMV II).
The fund targets investments in class A communities within 25 of the top metropolitan markets in the United States. It includes eight prominent institutional investors, consisting of foreign pensions, sovereign wealth funds, banks and insurance companies. Parent company Lennar Corporation also has committed $381 million to the fund.
The final closing was announced on June 11.
The previous vehicle in the series, Lennar Multifamily Venture (LMV), focused on the same markets and had many of the same investors. It held a $2.2 billion final close in October 2016.
According to LMC, both funds aim to provide risk-adjusted returns through a build-to-core strategy. LMV II looks to build and acquire $2.6 billion in multifamily assets at attractive costs across the United States and hold them to generate revenue for the 8-year fund lifespan.
