Lennar Corporation is a home construction company based in the census-designated place of Fontainebleau, Florida, with a Miami postal address. In 2021, the company was the second-largest home construction company in the United States based on the number of homes sold. In 2021, the company was ranked 129th on the Fortune 500. The company operates in Florida, Arizona, California, Colorado, Delaware, Georgia, Idaho, Illinois, Indiana, Maryland, Minnesota, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin. It also has investments in multifamily and single family residential rental properties and investments in property technology companies. The name Lennar is a portmanteau of the first names of two of the company's founders, Leonard Miller and Arnold Rosen. History Early history The company dates back to F&R Builders, a company founded in 1954 by Gene Fisher and real estate developer Arnold P. Rosen. In 1956, Leonard Miller (who later became the namesake of the Leonard M. Miller School of Medicine at the University of Miami), a 23-year-old entrepreneur that owned 42 lots in Miami-Dade County, Florida, invested $10,000 and partnered with the company. In 1969, the company reached an equity base of $1 million, and by 1971, Miller and Rosen changed the name to Lennar Corporation. That year the firm became a public company via an initial public offering, raising $8.7 million. It was listed on the New York Stock Exchange in 1972. In 1973, the company acquired Mastercraft Homes, based in Phoenix, Arizona, for approximately $2 million, as well as the Womack Development Company. Shortly thereafter, the company established operations in the midwestern United States by purchasing Bert L. Smokler & Company, based in Detroit, Michigan, and Dreyfus Interstate Development Corp., based in Minneapolis-St. Paul, Minnesota. In 1984, the company acquired H. Miller & Sons for $24 million. In January 1989, the company acquired Richmond American Homes of Florida for $18 million. In February 1992, the company acquired Amerifirst's $1 billion real estate portfolio in a joint venture with Morgan Stanley. In October 1992, following Hurricane Andrew, the company faced several lawsuits from homeowners alleging careless building quality. In July 1993, the company formed a joint venture with Westinghouse Electric Corporation and Lehman Brothers to acquire a $2 billion face-value loan portfolio from Westinghouse Electric Corporation for $1.1 billion. In 1995, the company acquired Friendswood Development Company from Exxon, and acquired California company