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LEN - Lennar Corp.
-0.36(-0.45%)9:00:01 PM 3/4/2021
Lennar Corporation is a home construction and real estate company based in Miami, Florida. In 2017 the company was the largest home construction company in the United States after its purchase of CalAtlantic Homes. The company is ranked 154th on the Fortune 500 as of 2019. The company operates in 21 states and owns Rialto Capital Management, the sponsor of six private equity funds that invest in real estate and an originator commercial mortgage loans for securitization. The company also developed and retains ownership interests in 53 apartment communities. The name Lennar is a portmanteau of the first names of two of the company's founders, Leonard Miller and Arnold Rosen. The company dates back to F&R Builders, a company founded in 1954 by Gene Fisher and real estate developer Arnold P. Rosen. In 1956, Leonard Miller , a 23-year-old entrepreneur that owned 42 lots in Miami-Dade County, Florida, invested $10,000 and partnered with the company. In 1969 the company reached an equity base of $1 million, and by 1971 Miller and Rosen changed the name to Lennar Corporation. That year the firm became a public company via an initial public offering of $8.7 million. It became listed on the New York Stock Exchange in 1972.
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