LMC Investments has launched the Lennar Multifamily Venture III, targeting between $1 billion and $1.5 billion in equity commitments, a spokesperson for the firm confirmed in an email.
The value-add fund follows a build-to-core strategy, similar to its predecessors, focusing on the multifamily sector in the top 25 U.S. markets.
Marketing for the fund began in September, and conversations are ongoing for a first close in first quarter 2020. LMV III’s assets are 70 percent currently seeded and are expected to reach between 80 percent and 90 percent at first close.
The spokesperson said Lennar is committed to investing a minimum of 20 percent by final close.
The fund’s predecessor, LMV II, closed in May with $1.3 billion in capital commitments and is fully allocated across 16 assets. LMV I closed in July 2016 with $2.2 billion, deployed across 39 assets.
