The Firm
Reimagining Land as an Asset Class
Millrose Properties is a Homesite Option Purchase Platform (“HOPP’R”), an evolution of residential land banking, accelerating homebuilders’ capital-efficient growth of controlled land positions.
As a publicly traded Homesite Option Purchase Platform, Millrose provides investors with a unique residential real estate backed income-generating investment opportunity historically limited to institutional investors.
Accessible Investment
Opportunity
Only accessible to private and
institutional investors
First publicly-traded permanent
capital vehicle
Recurring Cash Flow
Takedown proceeds are not
redeployed into future acquisitions
Continuous stream of recurring
monthly option payments and
capital recycling
Self-funded,
Recycled Capital
Finite capital pools with limited
dependability in more challenging
market environments
More stable capital access for
homebuilders across all markets
Risk Mitigation as a Priority
Land banking as a risk mitigation
strategy for homebuilders versus
a partnership
Land banker potential exposure
to development cost overruns
Cross-termination asset pooling
disincentivizes homebuilders from
terminating option agreements
Agreements ensure cost overruns
are guaranteed by the
homebuilder
Strategic Partner for
Homebuilders
Millrose is seeded by an initial
homesite portfolio from Lennar
Corporation, one of the nation’s
largest land-light homebuilders.
Following a significant transformation in its land strategy, Lennar believes that Millrose will enable large-scale land acquisition and horizontal development of homesites for itself and other homebuilders.
Kennedy Lewis Land and Residential
Advisors, a wholly-owned subsidiary of
Kennedy Lewis Investment Management,
will externally manage Millrose.
Kennedy Lewis is an institutional alternative investment firm with extensive experience in outsourcing, underwriting, capitalizing, and financing land and homebuilder finance investments.
