TPG Acquires Majority of Lennar's Multifamily Platform for $1B Commitment

TPG Real Estate struck a deal to acquire a majority interest in Lennar's multifamily development platform, Quarterra, with a $1 billion capital commitment. The San Francisco-based private equity firm took over operations of Quarterra while Lennar retained a minority stake and ongoing operational role. The new joint venture will focus on Quarterra's affordable and attainable housing division (Emblem banner), with plans to accelerate the development of workforce rental housing across the United States. Quarterra has developed more than 43,000 apartments and has 13,000 units under development.