Lennar, Morgan Stanley in real estate deal
Troubled homebuilder sells property portfolio for $525 million to new investment venture owned mostly by the Wall Street bank.
LONDON (CNNMoney.com) -- Homebuilder Lennar Corp. has sold a property portfolio to a new venture mostly owned by an affiliate of Wall Street bank Morgan Stanley for $525 million.
As part of the deal, Lennar sold the entity about 11,000 home sites. The properties had a book value of about $1.3 billion as of Sept. 30 and are located in 32 communities across the country.