Dive Brief:
- Quarterra is selling a 3,746-unit rental portfolio marketed by JLL with properties scattered across the United States, CoStar reported on May 13. The assets are located in California, New York, Connecticut, Texas, Colorado, Minnesota and Florida.
- The Irving, Texas-based firm, which didn’t reply to a request for comment, will consider selling the properties individually or all 10 at once, according to CoStar. The outlet also reports that the assets are, on average, around four years old and range from 189 to 500 units.
- The sale comes a few months after global alternative asset management firm TPG Real Estate acquired a majority interest in Quarterra in January. Lennar retained a minority stake in the multifamily developer, which retained its legacy joint ventures.
Dive Insight:
In addition to buying Quarterra, TPG made a $1 billion strategic commitment in connection with the acquisition, per CoStar. 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.
“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 CEO Brad Greiwe said in January.
Even after the TPG sale, Quarterra has continued to sell off assets. On May 13, The Real Deal reported that Atlas Real Estate Partners bought The Maddox property in Katy, Texas, from Quarterra. In April, Quarterra sold a 212-unit property in Elmhurst, Illinois, to the State Teachers Retirement System of Ohio for $84.5 million, according to CoStar.
Those sales come on the heels of one of 2024’s biggest deals, when New York City-based global investment firm KKR purchased 5,200 units from Quarterra for about $2.1 billion in June. 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.
Since its launch in 2011, Quarterra, formerly known as LMC, has developed over 125 communities encompassing 39,000 multifamily units. It currently has $7.1 billion of assets under management, according to the firm’s website.
In July 2022, Lennar rebranded the firm as Quarterra Multifamily ahead of a planned spinoff 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 Co-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.
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