Lennar Purchases WCI, Kokes Family Builders

Lennar is preparing for a big year in active adult home building.
Lennar is preparing for a big year in active adult home building.
Lennar is preparing for a big year in active adult home building.

Lennar Corp., one of America’s leading homebuilders, continues its impressive growth thanks to its recent deals and acquisitions. Lennar recently bought the assets of Kokes Family Home Builders in Central New Jersey as well as finalized the purchase of WCI Communities so far this year.

Kokes Family Home Builders

 Lennar, the 2nd largest homebuilder in the United States, purchased the assets of Kokes Family Home Builders, a three-generation 55+ builder, in the New Jersey area late last year. Kokes was the active builder in the 55-plus communities of The Fairways at Lake Ridge and The Reserve of Lake Ridge in Ocean County, New Jersey.

In addition to these age-restricted communities, Lennar also purchased a third community with less than 500 homesites which they also acquired from the Kokes Family Home Builders. One of the communities has already finished homesites and will be renamed under the Lennar brand while the other two communities will need improvements before Lennar starts selling. The Kokes’ land and neighborhood deals will ensure that Lennar will gain access to lots in locations where they are hard to come by in areas like Greater Philadelphia, Central New Jersey, and the New York metro area.

WCI Communities

In February, Lennar completed its acquisition of WCI Communities, Inc., a luxury homebuilder and lifestyle community developer, for about $643 million, or $23.50 per share. The purchase agreement includes land totaling about 13,700 homesites located in the highest growth and largest coastal Florida markets as well as WCI’s complementary real estate brokerage and title services businesses.

According to a press release, Lennar’s CEO Stuart Miller said, “We are very excited to complete the acquisition of this outstanding company. We’d like to extend a warm welcome to the WCI associates who will be joining the Lennar family.” With Lennar securing both deals with Kokes Family Home Builders and WCI Communities, Inc., the company is set up to gain access to new locations as well as be ahead of the game in the active adult market.

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