Lennar Announces Entry Into the Pacific Northwest

MIAMI, Dec. 19, 2011 /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's largest homebuilders, announced today the company is expanding its homebuilding operations into the Pacific Northwest, in both the Seattle and Portland markets.

Lennar acquired control of approximately 650 finished homesites in 20 communities, for an undisclosed price, from Seattle-based Premier Communities.  A privately-held company led by Ryan McGowan, Premier Communities has delivered more than 1,600 homes in the Seattle area since 1998. These communities are ideally situated with home prices ranging from approximately $150,000 to $460,000. Mr. McGowan will be responsible for Lennar's operations in Seattle.  Mr. McGowan stated, "Lennar and Premier Communities share a common commitment to provide the highest standard of quality homes and services to our buyers. We are excited for the significant potential of combining our local strengths and relationships with Lennar's balance sheet and operating efficiencies."

Lennar's start-up operations in Portland are being led by Ryan Selby, a 22-year Portland homebuilding veteran.  Mr. Selby comes to Lennar from D.R. Horton where he served as Division President for nine years. Under Mr. Selby's leadership, Lennar has been able to purchase primarily distressed finished homesites in 11 communities. Homes to be built by Lennar in the Portland area will be focused on first-time, move-up, active adult and luxury homebuyers.

These two new opportunities are expected to add approximately 200 deliveries in the second half of 2012.

Jon Jaffe, Lennar's Chief Operating Officer, stated "We are excited to be bringing our Lennar Everything's Included Homes to the Pacific Northwest.  We have been evaluating the Seattle and Portland markets for more than a decade and believe that this is a perfect time to enter these markets with the right opportunities. Both Seattle and Portland are currently benefiting from diversified economies and stabilizing home prices, and combined with the local experience of Ryan McGowan and Ryan Selby, we are well positioned to grow a successful Pacific Northwest homebuilding operation in 2012 and beyond."

The move into the Pacific Northwest is the first entry by Lennar into a new market since entering Atlanta as a start-up operation in early 2010. With this move, Lennar now has homebuilding operations in 18 states and 44 markets across the nation.

Lennar Corporation, founded in 1954, is one of the nation's largest builders of quality homes for all generations. The Company builds affordable, move-up and retirement homes primarily under the Lennar brand name. Lennar's Financial Services segment provides primarily mortgage financing, title insurance and closing services for both buyers of the Company's homes and others. Lennar's Rialto Investments segment is focused on distressed real estate asset investments, asset management and workout strategies. Previous press releases and further information about the Company may be obtained at the "Investor Relations" section of the Company's website, www.lennar.com.

SOURCE Lennar Corporation