Lennar’s land bank spinoff Millrose bought 1,200 single-family rentals 

Millrose Properties purchased single-family homes from Lennar with plans to run them as rentals, a disclosure that comes amid a lawsuit over the matter.  In its third quarter report, publicly traded Millrose said it bought 1,233 completed homes from Miami-based Lennar, which spun off Millrose into an independent entity last year.  The properties are across 18 states, and the deal was for an aggregate cost basis of about $333 million, funded with roughly $120 million of balance sheet capital and $213 million of limited-recourse financing, according to a Millrose news release.  Millrose was originally spun off as a “homesite option […]

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