LMC Announces Launch of LMC Emblem Communities

Rhea-AI Summary

LMC, a subsidiary of Lennar (NYSE:LEN), has launched LMC Emblem Communities, focusing on developing suburban apartment housing nationwide. This initiative addresses the shortage of attainable Class A housing for middle-income residents. Since the inception of this program in July 2019, LMC has a pipeline of 20 communities, with the first one underway in suburban Atlanta. The Emblem approach emphasizes standardization to reduce costs and accelerate development timelines, ensuring access to quality housing for essential workers and middle-class professionals.

Positive

• Launch of LMC Emblem Communities to develop suburban apartment housing.
• Pipeline of 20 new communities already established.
• Focus on addressing the shortage of attainable Class A housing for middle-income residents.
• Standardization to reduce costs and expedite development timelines.

Negative

• None.

CHARLOTTE, N.C., May 10, 2021 /PRNewswire/ -- LMC, a wholly owned subsidiary of Lennar Corporation and a leader in apartment development and management, today announced the launch of LMC Emblem Communities, which will focus on the development of suburban apartment housing across the nation.

LMC created the Emblem program in July 2019 to help address the national shortage in supply of Class A housing that is attainable for middle-income residents. Since the inception of the strategic platform, LMC has assembled a nationwide pipeline of 20 new communities with the first under construction in suburban Atlanta.

"The imbalance in the pending supply of Class A product, coupled with the challenges associated with developing cost-effective rental housing, has created a shortage of supply and strong demand for suburban garden apartments that fit within the budgets of middle-income residents," said Doug Bober, who will lead LMC Emblem Communities as Division President. "We are aiming to improve the market share of quality rental housing by developing a high-quality, more attainable design that can be replicated across the country."

The focus on simplification and standardization of LMC Emblem Communities is designed to increase efficiencies with regard to cost and schedule. These developments will reach the market much quicker than individualized communities, expediting the timeframe in which the nation's essential workers, first-responders and other middle-class professionals will have access to quality housing that doesn't price them out of the neighborhoods they serve.  

The programmatic approach to housing development will utilize consistent interior finishes from one Emblem community to the next, featuring high-end materials like quartz countertops in kitchens and baths, stainless steel appliances, and luxury vinyl plank flooring. Amenity designs and property features such as social rooms and fitness centers will also follow the prototype.

Through scale and repetition, LMC estimates a significant reduction in costs associated with architectural and interior design, as well as branding. LMC anticipates a reduction in labor costs through increased contractor efficiency, and by acquiring materials in bulk it can also drive down front-end expenses for Emblem apartment communities.      

"On a typical community, we make thousands of decisions to only build it once. At Emblem, we make all of these decisions once and replicate that prototype nationwide at a cost savings to residents," said Todd Farrell, president of LMC. "There is a troubling lack of quality yet attainable homes in the suburban rental housing supply, and we're taking direct aim at that missing middle with LMC Emblem Communities."

About LMC
LMC, a wholly owned subsidiary of Lennar (NYSE:LEN), is a multifamily real estate development and operating company with a diverse portfolio of institutional quality multifamily rental communities across the US. LMC has a 31,800-unit pipeline of communities ranging from operating to under pre-development that exceeds $12 billion of high-rise, mid-rise and garden apartments.

LMC creates extraordinary communities where people can live remarkably.
www.LiveLMC.com

Media Contact                                              
Marlena DeFalco
LinnellTaylor Marketing                                
303-682-3943                                                    
marlena@linnelltaylor.com

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SOURCE LMC

FAQ

What is LMC Emblem Communities launched by Lennar (LEN)?

LMC Emblem Communities is a new initiative by LMC, a subsidiary of Lennar, focused on developing suburban apartment housing to address the shortage of attainable Class A housing for middle-income residents.

How many communities has LMC planned under the Emblem initiative?

LMC has a pipeline of 20 new communities planned under the Emblem initiative.

When was the LMC Emblem Communities program started?

The LMC Emblem Communities program was started in July 2019.

Where is the first LMC Emblem Community being developed?

The first LMC Emblem Community is under construction in suburban Atlanta.

How does LMC Emblem Communities plan to reduce costs?

LMC Emblem Communities plans to reduce costs through standardization, increased contractor efficiency, and bulk purchasing of materials.