Lennar Announces Plans to Build Homes in Austin’s Estancia Hill Country

AUSTIN, Texas - July 22, 2013 - PRLog -- National builderLennar Corporation (http://www.lennar.com/) has purchased 107 acres in the Estancia Hill Country development in the extraterritorial jurisdiction (ETJ) of Austin, Texas. The land is located at the northwest corner of IH-35 and Puryear Road where State Highway 45 meets IH-35. The development is zoned for single family residential, multifamily and commercial use.

Lennar’s acquisition is the first land sale in Estancia Hill Country, the former historic Heep Ranch, a property acquired by Stratford Land (http://stratfordland.com/)in April 2007. The Austin City Council approved a public improvement district (PID) for the property on June 20, 2013, and the project also received unanimous support from the city of Austin’s staff and commissioner.

“We are pleased to have this opportunity to capitalize on the improving home buying market in Austin by initiating the residential community in Estancia Hill Country,” said Ian Boyd, vice president of land acquisition for Lennar. “The Estancia Hill Country development presents a superior location on the southwest side of the city with close proximity to high-quality schools and easy access to shopping and entertainment venues, and Lennar is excited to bring our affordable yet innovative home design to the neighborhood.”

Estancia Hill Country will offer Lennar’s Springwood and Vista product lines, which both incorporate a significant level of included features and options such as covered patios and three-car garages. Springwood homes will range from 1334 square feet to 2800 square feet, and Vista homes will range from 2250 square feet to 3400 square feet.

Lennar’s acquisition includes approximately 385 home sites with sales projected to open in Q4 2013 and construction beginning shortly thereafter.

“Lennar is one of the most recognized builders in the nation for size, financial strength and quality of homes, and Stratford is thrilled to have the company kick-off residential development for Estancia Hill Country,” said Steve Sanders, Stratford Land’s senior investment manager for Texas. “Recognizing the need for easy living around Austin without a big-city price tag, Stratford and Lennar have teamed to offer residents a community that embodies the serenity of Texas hill country with all the amenities of a big city.”

Dallas-based Stratford Land is also in talks with potential buyers for Estancia Hill Country’s multifamily tracts, and Stratford anticipates the commercial aspects of Estancia will trail residential as is common in mixed-use developments.

“When Stratford acquired the property in 2007, we recognized the uniqueness of the land and its ideal location,” continued Sanders. “Lennar’s decision to build in Estancia Hill Country affirms our vision for a convenient work-live community amidst a beautiful hill country backdrop, and we look forward to seeing the neighborhood come to life.”

Along with its decades of proven success as land investment managers, Stratford also provides non-recourse financing for a variety of real estate purposes, including acquisition, refinancing, return of equity, horizontal development and note purchase. Stratford Land’s financial strength enables it to acquire and hold land during various economic cycles and to reposition land to its highest and best use.

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About Lennar

Lennar Corporation, founded in 1954, is one of the nation's largest builders of quality homes for all generations. The Company builds affordable, move-up and retirement homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title insurance and closing services for both buyers of the Company's homes and others. Lennar's Rialto Investments segment is a leading investment and asset management company focused on creating value by investing in and managing real estate properties, loans and securities. Previous press releases and further information about the Company may be obtained at the "Investor Relations" section of the Company's website, www.lennar.com.

About Stratford Land

Stratford Land has more than 25 years of successful land investment history on behalf of institutional investors. Based in Dallas, Texas, the fund focuses on acquiring properties in high-growth corridors in Texas, Arizona, Southern California, Colorado, Tennessee and the eastern seaboard from Virginia to Florida. Offices are currently located in Dallas, Atlanta and Phoenix. For more information, please visit www.stratfordland.com.