Lennar Acquires Florida-Based Luxury Home Builder WCI Communities
After the initial announcement in September, last week Lennar officially acquired WCI Communities, a developer and luxury home builder, for $643 million.
According to HousingWire, the sale includes a portfolio of 13,700 home sites in fast-growing, large coastal Florida markets. WCI Communities, which is based just outside of Fort Myers, Fla., completed 1,118 homes for an average sales price of $444,000 during the 12 months through the end of June 2016.
Lennar originally was set to pay 50 percent of the purchase price with stock, but instead opted to pay with all cash.
The deal also includes WCI's complementary real estate brokerage and title services businesses.
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