Lennar Corp., the largest U.S. homebuilder by market value, said Wednesday that it formed a $1.1 billion joint venture that will develop apartment communities in 25 U.S. metropolitan markets.

The Miami-based builder primarily focused on single-family home construction but will invest $504 million in the venture and provide 19 undeveloped assets it already owns or has under contract, the company said in a statement. Lennar is working with global sovereign and institutional investors.