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Lennar-Starwood Agreement Could Lead To More Deals

MIAMI-The national homebuilder has had prior success with distress, but things are different this time around.

By Paola Iuspa-Abbott | Updated on February 28, 2010

(This story, in slightly different form, originally appeared in ALM’s Daily Business Review. Carl Cronan of GlobeSt.com contributed to this story.)

MIAMI-Real estate experts believe the deal between locally based Lennar Corp. and Bradenton-based Starwood Land Ventures LLC for 2,700 Florida homesites makes sense. Given the greater potential for distress in Florida’s undeveloped residential market, they say there may be more such deals to come.

Lennar has the next two years to buy some or all of those single-family and townhome sites from Starwood, which paid $81 million for 5,500 lots previously belonging to bankrupt homebuilder Tousa Inc. The value of the deal has yet to be determined.

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