Lennar’s Launch of Single Family Rental Platform

Simpson Thacher represented Centerbridge Partners in the transaction.

Centerbridge Partners, L.P. acted as lead investor in the formation of Upward America Venture, a new single family rental platform being launched by Lennar Corporation. 

Centerbridge, along with Allianz Real Estate and other high quality institutional investors, will initially capitalize the business with a total equity commitment of $1.25 billion. The platform will acquire single family homes for rent in high growth markets across the United States. Including leverage, the venture will be positioned to acquire over $4 billion of new single family homes and townhomes from Lennar and potentially other homebuilders.

Lennar Corporation is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes under the Lennar brand name.

The Simpson Thacher team included Greg Ressa (Picture), Danielle Jackson, Jason Mohr and Aryeh Goldman (Real Estate); Marcy Geller and Caroline Phillips (Tax); Linda Tieh, Jeannette Figg, Benjamin Smith and Christine Dai (Funds); and Brian M. Steinhardt (Credit).

Involved fees earner: Benjamin Smith – Simpson Thacher & Bartlett; Christine Dai – Simpson Thacher & Bartlett; Jeannette Figg – Simpson Thacher & Bartlett; Marcy Geller – Simpson Thacher & Bartlett; Aryeh Goldman – Simpson Thacher & Bartlett; Danielle Jackson – Simpson Thacher & Bartlett; Jason Mohr – Simpson Thacher & Bartlett; Caroline Phillips – Simpson Thacher & Bartlett; Gregory Ressa – Simpson Thacher & Bartlett; Brian Steinhardt – Simpson Thacher & Bartlett; Linda Tieh – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Centerbridge Partners;

Martina Bellini

Author: Martina Bellini