TPG buys majority stake in Lennar asset
It was announced that TPG Real Estate (TPG) acquired a majority interest in Quarterra, an established developer of multifamily communities which Lennar Corporation (Lennar) retains a minority stake in. Lennar was founded in 1954 and is one of the nation’s leading home builders. TPG also made a $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.
“This partnership reflects our shared commitment to tackling one of America’s most pressing challenges: housing affordability,” said Stuart Miller, Executive Chairman and CEO of Lennar. “By combining TPG’s institutional capital and real estate expertise with Lennar’s deep building and community-development expertise, Quarterra will be able to accelerate its mission of creating attainable rental options that help more Americans step onto the path toward future homeownership.”
Quarterra’s proven multifamily platform combines quality, consistency, and scale to deliver communities built to meet the full spectrum of needs of today’s renters,” said Dan Frydman, Business Unit Partner with TPG Real Estate. “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.”
