Lennar Corp., a Miami-based homebuilder, and Morgan Stanley Real Estate, New York, have announced the formation of a joint venture to acquire, develop, manage, and sell residential real estate.The new venture has acquired a diversified portfolio of land from Lennar consisting of approximately 11,000 homesites in 32 communities around the country, the companies reported. Lennar purchased a 20% ownership interest and 50% voting rights in the investment venture. It will manage the venture's operations and will receive fees for its services. The companies can be found online at http://www.lennar.com and http://www.morganstanley.com/realestate.
Processing Content
