Lennar Eyes $4.5 Billion US Apartment Sale in Test of Market

Lennar Corp. is marketing a massive portfolio of rental apartments at a time when higher borrowing costs have slowed the pace of property deals.

Lennar is working with Jones Lang LaSalle Inc. on the potential sale of more than 11,000 apartments operated through a subsidiary, Quarterra, according to people familiar with the matter. The entire portfolio could fetch $4.5 billion, although the company is open to breaking it into smaller pools, said one of the people, who asked not to be named discussing a private matter.

Representatives for Lennar and JLL declined to comment.

The builder is testing the market ...