Morgan Stanley forms joint venture with Lennar to acquire approximately 11,000 homesites, and obtains related financing for acquisition
Clients Morgan Stanley Domestic Real Estate Funds
Jones Day represented Morgan Stanley Domestic Real Estate Funds in a strategic land investment venture with Lennar Corporation, one of the nation's largest homebuilders, to acquire, develop, manage and sell residential real estate. Concurrent with its formation, the new investment venture acquired a diversified portfolio of land from Lennar. Jones Day also handled the financing of the acquisition of the properties.
The properties acquired by the new entity consist of approximately 11,000 homesites in 32 communities located throughout the country. The land portfolio includes a mix of raw land as well as partially and fully developed homesites in both active and future communities, located in California, Colorado, Florida, Illinois, Maryland, Massachusetts, Nevada and New Jersey. The acquired properties had a net book value of approximately $1.3 billion, and the sales price was $525 million.