LMC, a wholly owned subsidiary of Lennar Corporation (LEN - Free Report) and a forerunner in development and operation of apartments, has declared that Haus Salon has started construction at NordHaus. NordHaus, a luxury mixed-use apartment community in north-eastern Minneapolis, has been expanding business since 2011. This upscale salon is likely to open in spring 2019.
This comes as another notable addition for LMC in the division of central and Midwest. Haus Salon fits the requirements of the residents and local community, backed by its high reputation and work quality. This venture will be a perfect fit, given the presence of establishments like several craft beer pubs, the Yoga Sol studio, Gorkha Palace, the Red Stag Supperclub and The Herbivorous Butcher vegan restaurant in the neighbourhood.
As NordHaus has a limited space for serving residents of the 20-storey apartment community, LMC is selecting premier retailers who can fill in a modern 5300 square-foot restaurant space with outdoor setups. It still has 13000 square feet left remaining for a large retailer or multiple boutique uses.
Shares of Lennar have gained 20.8%, outperforming its industry’s rally of 16.2% in the past three months. The outperformance was backed by its impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in 12 of the trailing 13 quarters.
Courtesy of strong demand, Lennar’s total revenues grew 63% year over year in fiscal 2018, backed by a solid 70.3% rise in homebuilding revenues. This was primarily driven by a 55% increase in the number of home deliveries and 9.5% rise in average sales price of the homes delivered. Lennar’s core homebuilding results remain consistent with “slow and steady” housing recovery.
Zacks Rank & Key Picks
Currently, Lennar carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Zacks Construction sector are Forterra Inc. (FRTA - Free Report) , Great Lakes Dredge & Dock Corporation (GLDD - Free Report) and EMCOR Group, Inc. (EME - Free Report) .
While Forterra and Great Lakes hold a Zacks Rank #1 (Strong Buy), EMCOR carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Forterra, Great Lakes and EMCOR’s 2019 earnings are expected to grow 97.7%, 170.6% and 6.9%, respectively.
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