Lennar Corp. and LNR Property Corp. have closed their deal to add another partner to a joint venture with significant holdings in Florida, California and other states reports the South Florida Business Journal.

Miami-based Lennar and Miami Beach-based LNR said MW Housing Partners has joined their LandSource Communities Development LLC venture. The resulting LandSource ownership is 68 percent MWHP, 16 percent Lennar and 16 percent LNR. LandSource has assets in Florida, California, Nevada, Arizona, Texas and New Jersey. A subsidiary, the Newhall Land and Farming Co., owns 15,000 acres of undeveloped but entitled land in the Santa Clarita Valley, which is about 30 miles north of downtown Los Angeles.

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