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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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