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Lennar 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, who later became the namesake of the Miller School of Medicine at the University of Miami, a 23-year-old entrepreneur that owned 42 lots in Miami-Dade County, Florida, invested $10,000 and partnered with the company.
Standard Pacific was incorporated in 1961 by Arthur Svendsen and Ronald Foell, and began construction of its first subdivision in 1965. [3] Operations expanded to include San Diego in 1969, [4] Texas in 1978, [5] Arizona in 1998, Colorado in 2000, and Florida in 2002.
Lennar also put its hammers to work as it ground through its backlog of homes for sale, which dropped 29% for the year to 20,214, slightly lower than analysts' estimates of 20,437.
Lennar is also looking to end the year with a bang. For the fourth quarter, Lennar expects to deliver between 21,500 to 22,500 homes, while Bloomberg analysts are estimating 20,446 homes.
In July 2012, the company acquired the Charlotte and Raleigh operations and assets of Timberstone Homes. [6] In July 2013, the company acquired Cornell Homes, one of the largest private homebuilders in the Philadelphia market. [7] In October 2015, the company merged with Standard Pacific Homes to form CalAtlantic Homes. [8]
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Advertisement for mobile homes on the Florida Keys, June 1973. Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others.
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