MIAMI (Hanley-Wood News Service) - Lennar Corporation (NYSE: LEN), one of the nation's largest home builders, announced yesterday it completed its acquisition of Patriot Homes, a leading Baltimore home builder, for an undisclosed purchase price paid in cash. Robert Strudler, chief operating officer of Lennar Corporation, said, ''The Patriot Homes acquisition is a continuation of our ongoing program of acquiring quality regional home builders.''
Rick Kunkle, co-founder of Patriot Homes, said, ''Our entire management team is excited to become members of the Lennar Family of Builders. We look forward to helping Lennar expand in the dynamic Baltimore-Washington D.C. market.''
Lennar Corporation, founded in 1954, is headquartered in Miami, Fla. The company has home building operations in 15 states. It builds affordable, move-up, and retirement homes. Under the Lennar Family of Builders banner, the company includes the following brand names: Lennar Homes, U.S. Home, Greystone, Village Builders, Renaissance, Orrin Thompson, Lundgren Bros., Winncrest, Sunstar Communities, Don Galloway Homes and Rutenberg Homes. The company's active adult and retiree communities are primarily marketed under the Heritage and Greenbriar brand names. Lennar's Financial Services Division provides residential mortgage services, title and closing services, and its Strategic Technologies Division provides high-speed Internet access, cable television and home monitoring services for both Lennar home buyers and other customers.