MIAMI, Nov. 19,
2024 /PRNewswire/ -- Lennar Corporation (NYSE:
LEN and LEN.B) announced today that it has entered into a
definitive agreement to acquire Rausch
Coleman Homes, a residential homebuilder based in
Fayetteville, Arkansas. Lennar
will acquire Rausch Coleman's
homebuilding operations, which expects to deliver approximately
5,000 homes with an average sales price of $230,000 in calendar year 2024.
In connection with Lennar's land light strategy, Lennar intends
to assign the purchase of, and option, all of Rausch Coleman's land assets with a third
party.
With this acquisition, Lennar will expand its footprint into new
markets in Arkansas, Oklahoma, Alabama, Kansas and Missouri while adding to its existing
footprint in Texas, Oklahoma, Alabama and Florida. The acquisition will add
to Lennar's community count and deliveries which are part of
its 2025 growth target. The acquisition is expected to be completed
in Lennar's first quarter of 2025.
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 www.lennar.com.
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, including but not
limited to the markets Lennar will enter into following the
acquisition, the assignment of Rausch's land assets to a third
party and the timing of such assignment, the anticipated volume and
average price of Rausch's home sales for 2024, and the timing of
the closing of the transaction. These forward-looking statements
are subject to risks, uncertainties and assumptions that could
cause actual results and events to differ materially from those
anticipated by the forward-looking statements.
Important factors that could cause differences between
anticipated and actual results include, but are not limited to,
potential delays in consummating or any potential termination of
the potential transaction and the subsequent assignment of Rausch's
assets to a third party; the possibility that any of the
anticipated benefits and projected synergies of the potential
transaction will not be realized or will not be realized within the
expected time period; risks that the anticipated tax treatment of
the potential transaction is not obtained; unforeseen or unknown
liabilities; our inability to successfully execute our strategies,
including our land light strategy, and our planned spin-off, and
the other risks and uncertainties described in our filings from
time to time with the U.S. Securities and Exchange Commission,
including in the "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" sections
in our most recent Annual Report on Form 10-K filed on January 26, 2024, as amended, and our Quarterly
Reports on Form 10-Q. These forward-looking statements speak only
as of the date hereof and we undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise, except as
required by law.
Contact:
Ian Frazer
Investor Relations
Lennar Corporation
(305) 485-4129
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SOURCE Lennar Corporation