Millrose is a high-yield, asset-backed land-banking platform trading at a deep discount despite powering the homebuilding industry’s shift to a land-light model.
Overview
Millrose Properties is a newly public land-banking REIT spun out of Lennar, built to fund, develop, and hold homesites for builders under option-style agreements. Its model provides predictable option-fee and loan income while enabling builders to remain land-light. With a $9.6 billion asset base, 143,000 homesites, and expanding relationships beyond Lennar, Millrose offers an asset-backed, high-margin way to participate in U.S. housing undersupply and the structural shift toward outsourced land ownership.