REAL ESTATE

Miami Builder Enters Southland Market: In its first major move into Southern California, Lennar Corp. has purchased 2,200 acres in Coto de Caza and will manage this large master-planned community in south Orange County. Lennar, one of the nation’s largest home builders, teamed up with the Tiger Real Estate Fund of New York to buy the property from a Chevron Land & Development Co. partnership. “We have always wanted Coto,” said John Jaffe, a vice president in Lennar’s San Juan Capistrano office. “From a development standpoint, the infrastructure is already in place, so there’s not a lot of risk. This is a desirable community.” Lennar will develop or sell the last 1,700 vacant housing lots in Coto, which originally had 5,600 sites. The development will net Lennar $150 million, the company said.