Lennar

Trim the Hedges: Morgan Stanley, Lennar Enter Joint Venture 

As home builders struggle to keep their heads above water, it appears that at least one investment bank is sensing a buying opportunity: a Morgan Stanley unit entered into a joint venture with Lennar to acquire 11,000 homesites in 32 communities located throughout the country. Figures were not disclosed. Lennar will retain 20 percent ownership interest and 50 percent voting rights in the investment venture, it said.