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Originally Posted by SirLucasTheGreat
Man, Lennar is going all in with Golden Triangle
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I first caught wind of LMC in Phoenix; I decided to do a deeper dive but information is a bit scarce.
LMC was created in 2011 when not much was happening but as we all know now it was perfect timing to get into the apartment market. Early on they worked the suburbs which would be familiar territory for them. It was (in hindsight) a brilliant strategy; rather than find elbow room in urban cores they picked the lower hanging fruit; easy in, great returns for them. In 2014 things got rolling and in 2016 they successfully floated a $2.2 billion capital raise.
More recently they've joined the urban parade. In Denver it started on Blake Street which is similar in location and style for what they built in mid-town Phoenix. Their project on Welton St was an impressive step up; now they're chasing mid-rises in GT. They've obviously taken a shine to downtown Denver.
LMC seems to be willing to take on more interesting challenges. I'm sure they found out the backstory about Holland choosing not to go forward - although this deal not a done deal yet. It reminds me a bit of a challenge they're pursuing in Scottsdale where they bought two nice office building within the
Kierland development which is a lot like Cherry Creek but much more 'pretentious.' They plan to demo both buildings and build six stories of (nice) apartments above a two-story podium.
Point being is their willingness to tackle more interesting and challenging projects.
Quote:
Originally Posted by kemachs
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Totally hilarious. I needed my humor for today.