Lennar Corporation , one of the nation's largest homebuilders, announced today it has expanded into Jacksonville, Florida through the acquisition of substantially all of the real estate assets of Classic American Homes, Inc. for an undisclosed purchase price paid in cash. Classic American Homes delivered 46 homes in 2003 at an average sales price of $263,000. As part of this purchase, Lennar will acquire a backlog of approximately 61 homes and approximately 400 homesites owned or controlled.
Robert Strudler, Chief Operating Officer of Lennar Corporation, said, "We would like to extend a warm welcome to the associates of Classic American Homes joining the Lennar Family of Builders. This is an excellent homebuilding franchise which facilitates our strategic expansion into the Jacksonville market and is a wonderful complement to our existing Florida operations."
Lennar Corporation, founded in 1954, is headquartered in Miami, Florida and is one of the nation's leading builders of quality homes for all generations, building affordable, move-up and retirement homes. Under the Lennar Family of Builders banner, the Company includes the following brand names: Lennar Homes, U.S. Home, Greystone Homes, Village Builders, Renaissance Homes, Orrin Thompson Homes, Lundgren Bros., Winncrest Homes, Patriot Homes, NuHome, Barry Andrews Homes, Concord Homes, Cambridge Homes, Coleman Homes and Rutenberg Homes. The Company's active adult communities are primarily marketed under the Heritage and Greenbriar brand names. Lennar's Financial Services Division provides mortgage financing, title insurance, closing services and insurance agency services for both buyers of the Company's homes and others. Its Strategic Technologies Division provides high-speed Internet access, cable television and alarm installation and monitoring services to residents of the Company's communities and others. Previous press releases may be obtained at http://www.lennar.com/.
CONTACT: Marshall Ames, Investor Relations, Lennar Corporation, +1-305-485-2092
Web site: http://www.lennar.com/
Company News On-Call: http://www.prnewswire.com/comp/507038.html
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