Lennar Corporation (NYSE: LEN and LEN.B) said late Friday that it has closed on a lot purchase agreement with Level Homes, giving the builder control over an additional 1,602 new home sites across seven communities throughout the Raleigh market including 5401 North, Willow Oak and Meadowbrook.

An affiliate of Level Homes will develop and deliver these home sites to Lennar over the next several years.

Downtown Raleigh, N.C.
Downtown Raleigh, N.C.

"Raleigh is a very important market for Lennar and this acquisition expands our footprint and supports our growth plans in the Triangle," said Troy George, Raleigh Division president for Lennar. "Level has earned a strong reputation for acquiring land that is uniquely positioned. These home sites will further diversify our geographic and product mix across the Raleigh market and bolster our already strong land pipeline in the years ahead."

"Raleigh-Durham has been a great market for Level Homes. We are appreciative of the terrific people that made Level Homes successful over the years and we are excited to continue developing real estate as Engquist Development," said Todd Waguespack, managing partner for Level Homes.

This transaction enables Lennar to maintain the position of largest home builder in the Triangle with 13% of the total market share in new home construction and approximately 25% of the overall townhome market.