According to Business Insider, investment returns are very low. But Lennar’s CEO Stuart Miller announced that their multifamily projects have been earning them more than their target.
This goes hand-in-hand with the fact that the American homebuyer today is more likely to buy or rent an apartment than buy a single-family home, which has led to a boom in multifamily housing construction. Miller further adds that Lennar’s “geographically diversified $5 billion pipeline of multifamily product will become a more predictable source of quarterly earnings starting in late 2015 and 2015.”
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