Berkshire Hathaway acquired an $1.8 billion stake in Lennar following weak quarterly results from the homebuilder, while JPMorgan Asset Management completed a $105.4 million Florida apartment sale to TA Realty. Elevated US mortgage rates approaching 7% have pushed borrowing costs to their highest point since January 2025, cooling home purchase applications. Meanwhile, Galvanize Real Estate expanded its footprint by purchasing a $94 million industrial portfolio in Milpitas.
01Company specific
JPMorgan Fund Sells South Florida Apartment Complex for $105M
JPMorgan Management sold the Polo Lakes apartment complex in Wellington, Florida, to an affiliate of TA Realty for $105.4 million. The fund originally acquired the 366-unit property in 2002 for $47.4 million, more than doubling its investment over a 24-year hold. TA Realty beat out 21 other bidders in an extremely competitive sale process managed by Walker & Dunlop. The buyer paid approximately $288,000 per unit for the 27-building asset, coming in below the Palm Beach County average of $358,000 per unit. The transaction closed as South Florida investment activity rose 53 percent quarter-over-quarter to reach $1.3 billion.
Walbridge Data Center Division Hires JLL Executive
Construction company Walbridge launched L5 Mission Critical on September 16, appointing former JLL executive Matt Landek as president and CEO. Landek previously led 2,500 employees across 340 as global president of data centers and critical environments at JLL Work Dynamics. L5 Mission Critical aims to bridge the gap between facility construction and steady-state operations for third-party data center companies, hyperscalers, and enterprise clients. The new firm provides retrofits, project management, and critical operations while establishing a workforce training curriculum to counter skilled labor shortages in the industry. Walbridge operates as a privately held construction company with more than 1,500 employees in North America.
KB Home filed its latest operational results with the Securities and Exchange Commission on September 22, 2026. The filing covers the period ending on that date. The Los Angeles-based homebuilder operates from its headquarters on Wilshire Boulevard. No further financial metrics or line items were provided in the initial filing data.
US Mortgage Rates Approach 7%, Pressuring Housing Market Sales
Fortune.com reports that the daily 30-year fixed reached 7.24% last week, while Freddie Mac's weekly average climbed to 6.95%. The increase puts borrowing costs at their highest level since January 2025. Purchase applications fell 19% from a year earlier in the week ending September 11, according to the Mortgage Bankers Association. Pending home sales dropped 5.4% in the four weeks ending September 13 to reach their lowest level in nearly three years. Previously owned home sales fell 2% in August, pushing the yearly pace below 4 million for the first time since June 2025. Despite slowing demand, the median existing home price rose 1.6% from a year earlier to $429,100 last month. Regional price trends varied, with home prices in the West dropping 0.2% while continuing to rise in the Northeast, Midwest, and South. Sellers offered concessions in nearly 45% of U.S. home sales during the three months ending in August, marking the highest share for the period since at least 2020.
Lennar Shares Surge After Berkshire Hathaway Discloses Nearly 10% Stake
cnbc.com reports that Berkshire Hathaway has accumulated a nearly 10% stake in Lennar through purchases totaling 23.7 million Class A shares worth $1.8 billion. The Omaha-based conglomerate bought almost 2.7 million Class A shares over three trading days ended Monday, alongside 528,000 Class B shares that carry ten times the voting power. Lennar shares surged as much as 6.6% on Tuesday to a high of $83.24. The stock has plunged more than 32% over the past year. Berkshire executed the purchases as rising pressure homebuilders, with the nationwide average 30-year fixed reaching 6.95% last week, up from 6.76% the prior week and 6.26% a year ago. In the fiscal third quarter ended August 31, Lennar reported of $1.23 per share, missing Wall Street consensus estimates of $1.29, while slumped 8% year-over-year. The Miami-based company also issued fourth-quarter below expectations, driven by affordability constraints that CEO Stuart Millar said restrict the pool of qualified buyers. Berkshire held a war chest of $367 billion at the end of June.
30-Year Mortgage Rate (%)
The 30-year mortgage rate rose to 6.95% from 6.26% a year earlier.
Wegmans Agrees to Purchase Property in Cornelius, North Carolina
Wegmans has entered into an agreement with Atrium Health to purchase property in Cornelius, North Carolina, as the regional grocery chain moves toward a potential second location in Mecklenburg County. The site sits at the southwest corner of West Moreland Road and Statesville Road, immediately adjacent to the Atrium Health Lake Norman complex. The Charlotte-Mecklenburg Hospital Authority owns the larger tract, which spans roughly 62 to 90 acres depending on subdivision records and carries an assessed value of about $13 million after Atrium paid $19.6 million for the land in 2019. Wegmans representatives stated that the company is currently evaluating the site for a future grocery store and other possible uses, though no final decisions have been reached and a land sale has not yet closed. A standard Wegmans supermarket typically requires 10 to 14 acres of land and would necessitate rezoning applications before the town's planning board and Board of Commissioners. Town officials have previously expressed a preference for boutique corporate headquarters at the site to shore up the commercial tax base rather than a retail grocery use. The grocer operates more than 110 stores across the Northeast and Mid-Atlantic and is set to open its first Charlotte-area location in Ballantyne on October 14, 2026.
Atrium Cornelius Land Valuations ($M)
Atrium paid 19.6 million dollars for the land in 2019.
Galvanize Acquires Milpitas Industrial Portfolio for $94M
bisnow.com reports that Galvanize Real Estate acquired an industrial spanning 302,000 square feet across four buildings in Milpitas for approximately $94 million. The transaction values the properties at about $311 per square foot. DRA Advisors previously purchased the same portfolio in 2024 for $75 million, equating to roughly $249 per square foot. The campus at Cadillac Court was constructed between 1991 and 1994 and features 8,000 amps of available power tailored for robotics and physical companies. Newmark led sale negotiations for the seller, noting that the 95% leased property sits near Interstate 880 and Highway 237.
Institutional capital continues targeting selected industrial and residential assets even as elevated mortgage rates stall broader homebuying activity. Whether deep-value bets on builders like Lennar can overcome sustained borrowing pressure remains the key debate for real estate investors.
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