Homebuilder Lennar Corp. (LEN) completed a $740 million acquisition of distressed properties. The portfolio includes 306 properties and 397 loans, most of which are nonperforming. The portfolio, which came from three large financial institutions that were not identified, has a total unpaid principal balance of $529 million and REO properties valued at $211 million. Approximately 65% of the acquired assets are residential and 35% are commercial. Rialto Investments,  Lennar’s origination subsidiary, is responsible for oversight and day-to-day management of the properties. “Our unique ability to underwrite both nonperforming loans and REO made Lennar the perfect buyer for these assets,” said Stuart Miller, president and CEO of Lennar Corp. “We expect these transactions to be accretive to the company’s fiscal 2011 earnings.” Miller said he expects more investment opportunities in in both commercial and residential sectors as the Federal Deposit Insurance Corp., and the banks work through their distressed assets. Lennar just recently posted third-quarter earnings of $30 million after Rialto Investments acquired some distressed assets from the FDIC. The newly acquired portfolio is spread across 17 states, primarily in the Mid-Atlantic and the Southeast. Write to Christine Ricciardi. Disclosure: The author holds no relevant investments.