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LMC, CPP Investments Form $979M JV with $1.3B Pipeline
Charlotte, NC-based LMC, a wholly owned subsidiary of Lennar Corporation, and Canada Pension Plan Investment Board have formed a joint venture to develop Class A multifamily residential communities across high-growth metropolitan areas in the US.
The venture will launch with access to more than $1.25 billion of pipeline investments and five seed assets: one in Boston, one in Miami and three in Denver that total 1,371 apartment homes.
CPP Investments and LMC have allocated $979 million in equity to the joint venture. CPP Investments will own a 96% stake and LMC will own the remaining 4%.
“This joint venture specifically targets high-growth markets where the housing supply hasn’t kept pace with renter demand, and we are proud to be part of the solution,” said Todd Farrell, president of LMC.
LMC launched in 2011 and as of November 30, 2021, had a 42,000-home pipeline of communities ranging from operating to under pre-development that exceeds $16.4 billion of high-rise, mid-rise and garden apartments.
Photo: The Francis, Charlotte
- ◦Development
- ◦Financing
