Dive Brief:
- Global alternative asset management firm TPG Real Estate has acquired a majority interest in Quarterra, according to a Jan. 6 press release. The Irving, Texas-based multifamily developer’s legacy joint ventures are not included in the transaction. Terms were not disclosed.
- Lennar Corp. will retain a minority stake in the platform as it and TPG work with Quarterra management to take the platform to its next stage of growth. Brad Greiwe will continue to serve as CEO of Quarterra.
- In addition, TPG has made a $1 billion strategic commitment in connection with the acquisition. It expects to raise more capital to fund future growth and the development of Quarterra’s multifamily pipeline, with a focus on its attainable housing production platform, Emblem communities.
Dive Insight:
Since its launch in 2011, Quarterra, formerly known as LMC, has delivered more than 43,000 rental residences nationwide, with approximately 13,000 additional units in the development pipeline.
In July 2022, Lennar rebranded the firm as Quarterra Multifamily, as it planned to spin off the business later that year. That was the first step in positioning the developer as an independent, New York Stock Exchange–listed alternative asset manager, then-president Todd Farrell said in a 2022 press release.
But then, in its 2022 fourth-quarter earnings conference call, the company announced that it had halted plans to spin off Quarterra due to unfavorable market conditions.
”We believe that we have a very high-end public company waiting and almost ready to enter the public arena,” Lennar Executive Chairman and CEO Stuart Miller said on that earnings call. “But we’re going to postpone for the time being and wait for the right timing.”
However, the IPO never happened. On Lennar’s December 2023 earnings call, Miller said the firm was exploring the sale of its roughly 11,000-unit apartment portfolio.
In 2024, Quarterra took steps to scale down. In June, New York City-based global investment firm KKR purchased 5,200 units from Quarterra for about $2.1 billion. In September, the firm sold another 1,400 apartments to QuadReal Property Group.
Then it moved out of multifamily operations. In June 2025, Alfred and Charlotte, North Carolina-based RKW Residential, merged with Quarterra Living, the developer’s apartment management arm.
Now, with TPG’s backing, Quarterra looks to ramp up its development business.
“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,” Greiwe said.
In the press release, Miller said that TPG’s institutional capital and real estate expertise, combined with Lennar’s deep building and community-development prowess, should help Quarterra accelerate its mission to create attainable rental options.
“As demand for modern, attainable rental housing continues to grow, we are excited to partner with the Lennar and Quarterra teams to position this platform for success as an independent company with expanded resources to deliver housing supply to families and communities across the country,” Dan Frydman, business unit partner with TPG, said in the press release.
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