Lennar to open second distressed real estate investment fund

Miami-based Lennar is opening a second fund to invest in distressed real
estate properties next year, after closing a similar $650 million fund
by the end of this year. According to CEO Stuart Miller, the company has
invested approximately $500 million in its Rialto Investments division.
“Further investments to the Rialto program are not done with company
capital but instead done with targeted capital that’s focused on the
opportunities that we’re pursuing,” he said. [Bloomberg]