October 5, 2010 (FinancialWire) — Lennar Corp. (NYSE: LEN) said that it has completed the acquisitions of around $740 million of distressed real estate assets, in separate transactions, from three large financial institutions.

According to Lennar, the acquired assets include loans with a total unpaid principal balance of around $529 million and real estate properties with an appraised value of around $211 million. The company said that the real estate assets in these transactions were purchased at a discount and paid for with a combination of cash and senior unsecured financing provided by one of the selling financial institutions.

Lennar said that the combined portfolio includes around 397 loans and 306 properties. The assets consist primarily of non-performing residential and commercial acquisition, development and construction loans and REO relating to land, lots, and single-family and multi-family residential communities at varying stages of completion.

The acquired assets are located in 17 states, primarily in the Mid-Atlantic and Southeast regions of the United States. In the combined portfolio, 65% of the assets are residential and 35% are commercial.

Lennar's Rialto Investments segment will be responsible for the oversight and day-to-day management and workout of the combined portfolio.

Florida-based Lennar is a builder of homes primarily under the Lennar brand name. Lennar's Financial Services segment provides primarily mortgage financing, title insurance and closing services for both buyers of the Company's homes and others.

Lennar's Rialto Investments segment is focused on distressed real estate asset investments, asset management and workout strategies.  

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