Lennar’s multifamily segment posted a loss of $12 million in the fiscal fourth quarter. Just a year ago, the segment posted $15 million in gains. For the full fiscal 2023, the national home builder’s multifamily segment recorded losses above $50 million.
During the company’s fourth quarter earnings call last week, chief financial officer Diane Bessette shared that the home builder expects a loss of about $25 million for the multifamily segment of the business in the first quarter of 2024.
Earlier this week, media outlets reported that Lennar has hired JLL to sell a portfolio of 11,000 luxury apartments under Quarterra, its multifamily arm, for an estimated $4.5 billion.
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