20th century
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 M. 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.[7]
In 1969, Lennar reached an equity base of $1 million, and by 1971, Miller and Rosen changed the name to Lennar Corporation.[7] That year the firm became a public company via an initial public offering,[1] raising $8.7 million. It was listed on the New York Stock Exchange in 1972.[7]
In 1973, the company acquired Mastercraft Homes, based in Phoenix, Arizona, for approximately $2 million, as well as the Womack Development Company. Shortly thereafter, the company established operations in the Midwestern United States, purchasing Bert L. Smokler & Company, based in Detroit, Michigan, and Dreyfus Interstate Development Corp., based in Minneapolis–Saint Paul.[8][9]
Lennar acquired H. Miller & Sons in 1984 for $24 million.[10]
In January 1989, the company acquired Richmond American Homes of Florida for $18 million.[11]
In February 1992, the company acquired Amerifirst's $1 billion real estate portfolio in a joint venture with Morgan Stanley.[12]
In October 1992, following Hurricane Andrew, the company faced several lawsuits from homeowners alleging careless building quality.[13][14][15]
In July 1993, the company formed a joint venture with Westinghouse Electric Corporation and Lehman Brothers to acquire a $2 billion face-value loan portfolio from Westinghouse Electric Corporation for $1.1 billion.[16]
In 1995, the company acquired Friendswood Development Company from Exxon,[17] and acquired California company Bramalea.[7]
In 1996, the company acquired Winncrest Homes. The company also acquired 2,200 acre acres in and took over management of Coto de Caza, California, a census-designated place and a gated community, from Chevron Corporation.[18]
In 1997, Stuart Miller, the son of co-founder Leonard Miller, became CEO of the company. Leonard Miller died in 2002.[19][20] Stuart Miller served as Lennar's CEO until 2018 when he pivoted to an executive chairman position. As Lennar CEO, Stuart Miller is credited for navigating the company through the US housing crisis from 2007 to 2010.[21]
In 1997, the company acquired West Venture Homes. In 2002, the company merged with Pacific Greystone, and acquired Theyst Venture Homes, which held 2700 homes in the North Natomas Community and 800 in San Diego. In 1998, the company acquired North American Title Company, Winncrest Homes, Polygon, and ColRich Communities.[7] The company also acquired 3 closely held home construction companies operating in California for $370 million.[22] The following year the company acquired Eagle Home Mortgage and Souththeyst Land Title.[7]
21st century
In 2000, the company acquired U.S. Home Corporation for $476 million in cash and stock,[23][24][25] which resulted in the company doubling in size.[7]
In 2001, the company acquired home building operations from Fortress Investment Group.[26]
In 2002, the company acquired Patriot Homes based in Columbia, Maryland,[27] Barry Andrews Homes in Baltimore, Maryland, as well as Don Galloway Homes, The Genesee Company, Cambridge Homes, and Sunstar Communities.
