Press Releases

Lennar Announces $4 Billion Single Family Rental Platform with Centerbridge Partners as Lead Investor

MIAMI, March 17, 2021 /PRNewswire/ -- Lennar Corporation (NYSE:LEN and LEN.B), one of the nation's largest homebuilders, today announced the formation of 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 over $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 brand new homes affordable to households earning approximately the median income in each market. 

Rick Beckwitt, Co-Chief Executive Officer 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 available for sale but also for rent, with a portion of the homes available with a rent to own option.  The vehicle's social focus provides a unique opportunity for families and individuals across the country to live in brand-new homes at an attainable price point, all without putting up a down payment. We have a distinct opportunity to create upward mobility in the housing market through this initiative."

Mr. Beckwitt concluded, "This exciting new venture has an opportunity to scale at a pace we do not believe possible for competitors in the single family rental space, given its direct access to Lennar's pipeline of over 300,000 owned and controlled homesites."

"As the housing needs and demographics in the United States continue to evolve, we believe that the single family rental sector will continue to outperform.  We are thrilled to partner with Lennar given their scale and capabilities to aggregate a geographically diverse portfolio of homes concentrated in some of the fastest growing markets in the country," said William Rahm, Senior Managing Director and Global Head of Real Estate at Centerbridge."  Ally Heyburn, Principal at Centerbridge, added, "We are excited about this unique partnership in one of our highest conviction themes."

Kirkland & Ellis LLP acted as legal advisor to Lennar, Simpson Thacher & Bartlett LLP acted as legal advisor to Centerbridge and Ropes & Gray LLP acted as legal advisor to Allianz Real Estate.

About Lennar

Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LENX drives Lennar's technology, innovation and strategic investments. For more information about Lennar, please visit

About Centerbridge

Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines—from private equity to credit and related strategies, and real estate—in an effort to find the most attractive opportunities for our investors and business partners. The Firm was founded in 2005 and as of February 28, 2021 has approximately $28 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies to help companies achieve their operating and financial objectives. For more information, please visit

Note Regarding Forward-Looking Statements: Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results and events to differ materially from those contemplated by the forward-looking statements, including risks related to the Upward America Venture's ability to raise funds and continue to acquire single family homes and townhomes at anticipated prices, as well as continued demand by renters and homebuyers for these homes, and other risks detailed in Lennar Corporation's filings with the SEC, including the "Risk Factors" section of Lennar Corporation's Annual Report on Form 10-K for the fiscal year ended November 30, 2020.

SOURCE Lennar Corporation

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