Bilzin Sumberg Represents Lennar Corporation in Formation of Strategic Land Investment Venture

Press Release
December 4, 2007

Miami, Florida, December 4, 2007 The law firm of Bilzin Sumberg Baena Price & Axelrod LLP announced that it represented Lennar Corporation, one of the nations largest homebuilders, in its formation of a strategic land investment venture with Morgan Stanley Real Estate Funding II, L.P., an affiliate of Morgan Stanley & Co., Inc. The transaction closed November 30, 2007.

The venture, in which Lennar acquired a 20% ownership interest and 50% of the voting rights, was formed to acquire, develop, manage and sell land for residential use. Concurrent with its formation, Bilzin Sumberg also represented Lennar in the sale of a diversified portfolio of land to the investment venture, consisting of approximately 11,000 homesites in 32 communities located in California, Colorado, Florida, Illinois, Maryland, Massachusetts, Nevada and New Jersey. As of September 30, 2007, the acquired properties had a net book value of approximately $1.3 billion and the sale price was $525 million.

In addition, Lennar secured options and rights of first offer to purchase certain finished homesites at current market value. Lennar will manage the land ventures operations and will receive fees for its services.

All aspects of the transaction, including the financing, regulatory and overall structuring of the venture, and the preparation, negotiation and documentation of the purchase agreement, management agreement and option agreements, and all of the ancillary agreements and documents were handled by the Bilzin Sumberg team which consisted of over nineteen (19) attorneys across four practice areas: Corporate, Real Estate, Restructuring & Bankruptcy and Finance.

Notes to Editors

1. Bilzin Sumberg's Corporate & Securities Group has built a strong reputation for highly complex corporate work, including mergers and acquisitions, corporate finance, securities, capital markets, regulatory, joint ventures and strategic alliances, leveraged buyouts and management buyouts; "going private" transactions; and tax matters.

2. Bilzin Sumberg's Real Estate Group routinely provides legal counsel locally and nationally across a broad range of complex commercial real estate practice areas. We provide high quality legal counsel to investors, developers, and lenders facilitating transactions for commercial real estate allowing them to focus on the business aspects of their respective transactions.

3. Steven D. Lear is a partner in Bilzin Sumberg's Corporate & Securities Group, and is a nationally recognized corporate and securities attorney. He frequently represents clients in complex negotiations and financings of multi-million dollar mergers and acquisitions, joint ventures, and other multifaceted transactions.

About Bilzin Sumberg 

Bilzin Sumberg is a commercial law firm based in Florida. The Firm’s core practices include Business Finance & Restructuring, Corporate, Environmental, International, Land Development & Government Relations, Litigation, Real Estate, and Tax. For more information, please visit



Blog June 20, 2024
Florida's latest community association bill (HB 1021) contains additional changes to the new condominium inspection and reserve requirements first introduced in 2022 — approximately one year after the collapse of Champlain Towers South. Some of the changes include a new exemption for milestone...
Blog June 17, 2024
Florida HB 1021 introduces amendments to the state’s Condominium Act, notably creating a new section that legally recognizes "vertical subdivisions" within buildings and addresses the allocation of real estate taxes, maintenance responsibilities, and disclosure requirements for condominiums wi...
Speaking Engagement November 14, 2023
Sara Barli Herald speaks at Bisnow's Multifamily, Mixed-Use, Condos, & Affordable Housing Summit on theBeyond Brick and Mortar: Multifamily and Condo Amenities panel. The panel discusses the role and impact of amenities in the multifamily real estate landscape.