TPG acquires majority stake in Quarterra from Lennar

TPG Real Estate has acquired a majority interest in Quarterra, a multifamily housing developer, from Lennar Corporation (NYSE: LEN and LEN.B), according to a company statement. Lennar retains a minority stake in the platform.

TPG committed an additional $1 billion in connection with the acquisition and plans to raise more capital to fund Quarterra's development pipeline. The transaction positions Quarterra as an independent company with expanded resources for growth.

Brad Greiwe will continue as CEO of Quarterra. The company focuses on developing rental housing through its Emblem communities strategy, which targets attainable housing options.

Since its 2011 launch, Quarterra has delivered more than 43,000 rental residences across the United States, with approximately 13,000 additional units in development. The platform develops both multifamily buildings and single-family rental communities.

The partnership aims to address housing supply and affordability challenges by combining TPG's capital and real estate expertise with Lennar's construction capabilities. Quarterra's legacy joint ventures are not included in the transaction.

Jones Lang LaSalle Securities served as exclusive financial advisor to Quarterra and Lennar in the deal. The companies did not disclose the transaction value.

You May Also Be Interested In