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LENNAR CORPORATION AND MORGAN STANLEY JOINTLY SELECTED BY RTC AS WINNING BIDDER IN AUCTION OF AMERIFIRST ASSETS

 LENNAR CORPORATION AND MORGAN STANLEY JOINTLY SELECTED BY RTC
 AS WINNING BIDDER IN AUCTION OF AMERIFIRST ASSETS
 MIAMI, Feb. 27 /PRNewswire/ -- Lennar Corporation (NYSE: LEN) and Morgan Stanley Real Estate Fund, L.P. announced today that they have been notified of their joint selection by the Resolution Trust Corporation (RTC) as the winning bidder in the RTC's auction of a portfolio of assets from the AmeriFirst Federal Savings Bank conservatorship. Lennar Corporation, based in Miami, is Florida's largest homebuilder. The Morgan Stanley Real Estate Fund, L.P. is an $800 million private pool of equity capital for investment in real estate.
 No purchase price information was disclosed, but current book value of the AmeriFirst portfolio is approximately $900 million. Details will be disclosed by the RTC following execution of a definitive purchase and sale agreement.
 -0- 2/27/92
 /CONTACT: Allan J. Pekor, financial vice president of Lennar Corporation, 305-559-4000/
 (LEN) CO: Lennar Corporation; Morgan Stanely Real Estate Fund, L.P. ST: Florida IN: CST SU:


BR-AW-CM -- FL001 -- 3083 02/27/92 08:31 EST
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Publication:PR Newswire
Date:Feb 27, 1992
Words:175
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