TPG Takes Majority Stake in Lennar’s Multifamily Development Arm
Lennar Corporation and TPG Real Estate said Tuesday that TPG has acquired a majority interest in Quarterra, the multifamily development arm of Lennar. Terms were not disclosed. Lennar has retained a minority stake in the platform.
TPG has made an additional $1-billion strategic commitment in connection with the acquisition and expects to raise additional capital to fund future growth and the development of Quarterra’s multifamily pipeline, with a focus on Emblem communities. Brad Greiwe will continue leading Quarterra as CEO.
“For nearly 15 years, we have prided ourselves on building homes and communities where people love to live,” said Greiwe. “With the continued support of Lennar and the business-building experience and investment expertise of our new partners at TPG, we are confident that the Quarterra platform is positioned to deliver on this mission at scale, expanding access to quality housing nationwide.”
Quarterra’s legacy joint ventures are not included in the transaction. Jones Lang LaSalle Securities, LLC acted as exclusive financial advisor to Quarterra and Lennar. TPG acquired a 5,200-unit portfolio from Quarterra in June 2024, paying about $2.1 billion.
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Jared Ennis
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Rick Recckio
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Greg Corbin
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Essex Property Trust, Inc.
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Josh A
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Bob Tuteur
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