Lennar acquires Mignatti new home communities in Southeastern Pennsylvania

Lennar Tristate

The nation’s largest homebuilder continues to expand its presence in Pennsylvania, New Jersey and Delaware.

Hamilton, NJ – Lennar Corporation (NYSE: LEN and LEN.B) has completed the acquisition of Mignatti Companies™, a third-generation builder based in Huntingdon Valley, PA. This acquisition totaled four communities in Southeastern Pennsylvania. This is Lennar’s third acquisition in less than three years for its Lennar PA NJ DE division.

“This recent acquisition has enabled us to grow even further throughout Bucks and Montgomery Counties,” said Anthony Mignone, President of Lennar’s Tri-State Division. “It really is a tremendous accomplishment and we are fully committed to building quality homes in outstanding communities throughout the Pennsylvania, New Jersey and Delaware region.”

The Mignatti Companies™ acquisition included properties that were located at Berkley Place in Harleysville, PA; Edgewater in Quakertown, PA; Fortuna Crossing in Lansdale, PA, and Waterside in Bensalem, PA.

Berkley Place is an exclusive new twin home neighborhood located on a cul-de-sac in Montgomery County. This community features thoughtfully designed homes on oversized home sites with three- to four-bedroom floor plans.

Edgewater by Lennar, situated right on the water’s edge in Richland Township, features 40 thoughtfully designed townhomes with three- to four-bedroom floorplans and two-car garages in the highly acclaimed Quakertown School District.

A commuter’s delight, Fortuna Crossing is a 59-home community located just steps from the Fortuna train station and minutes from downtown Lansdale. It is also in close proximity to the PA Turnpike, Interstate 476, Route 309 and Route 202.

Waterside by Lennar is a new waterfront townhome community on the banks of the Delaware River. Located a half-mile from SEPTA/Amtrak regional rail, Waterside offers luxurious townhome floorplans, an eight-acre riverfront park and a unique lifestyle opportunity.

“These properties were in various stages of construction during the acquisition process,” continued Mignone. “We ensured that construction continued according to plan, and the process was as seamless as possible for everyone involved.”

Last year, Lennar acquired Kokes Family Homebuilders, a third-generation builder of 55+ communities in the Central New Jersey area. This acquisition totaled 476 home sites in Monmouth and Ocean Counties. Prior to that, in December 2015, Lennar ventured into the Pennsylvania and New York homebuilding markets through the acquisition of more than 450 homes and buildable home sites from Orleans Homes. This acquisition included properties that were located within single-family residences and townhouses in Glen Mills, Yardley and Blue Bell, P.A.; Medford, Moorestown and Jackson, N.J.; and Wallkill, N.Y.

About Lennar Corporation

Lennar Corporation, founded in 1954, is one of the nation’s largest builders of quality homes for all generations. The Company builds first time, move-up and active adult communities under the Lennar brand name. Universal American Mortgage Company and North American Title provide mortgage financing, title insurance and closing services for both buyers of the Company’s homes and others. Lennar’s Multifamily segment is a nationwide developer of high-quality multifamily rental properties. Previous press releases and further information about the Company may be obtained at the “Investor Relations” section of the Company’s website, http://www.lennar.com.

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