Lennar sells Colorado properties

Lennar Corp., a new home builder with five communities in Colorado Springs, has sold some of its land and homesites to Morgan Stanley Real Estate, as part of a new investment venture between the two firms.

The properties acquired by the venture consist of about 11,000 homesites in 32 communities throughout the country. A spokesman for Lennar would not confirm what communities were included but did say some were in Colorado.

Lennar has a 20 percent ownership interest in the investment venture. The venture acquired the property, with a $1.3 billion net book value as of Sept. 30, for only $525 million.

The sale helps Lennar, which is struggling like many new-home builders, by giving it an infusion of cash, said Stuart Miller, president and CEO.

In the Pikes Peak region, Lennar's communities include Four Mile Ranch in Canon City, Meridian Ranch in Peyton, Mesa Ridge in Fountain, Misty Acres Estates Collection in Monument and Morning View in Colorado Springs. They represent about a third of the company's communities in Colorado.