Quarterra Begins Construction of SoCal Apartment Community
It's the firm's 13th development in the city.
Quarterra has broken ground on Aldea, a 387-unit garden-style multifamily community located in Murrieta, Calif. It’s firm’s first development in the city and its 13th in Southern California. The property is expected to be delivered by summer 2029.
Eldridge Acre Partners provided preferred equity for the development in its second investment with Quarterra. The firms declined to provide the cost of the project or the equity investment amount.
ING Capital LLC is the lead lender for the development, which is located at 25480 Jefferson Ave. in southwest Riverside County.
Aldea at a glance
Aldea will have a mix of one-, two- and three-bedroom floorplans ranging from 700 to 1,385 square feet. Residences will have smart technology packages, stainless steel appliances, kitchen islands, quartz countertops, vinyl plank flooring and walk-in closets.
Community amenities will include an 11,500-square-foot clubhouse with game room, billiards and a catering kitchen, pools and spas with covered cabanas, a fitness center, outdoor fireplaces, grills and covered outdoor rooftop decks as well as coworking spaces. an outdoor pet park and package lockers.
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The property is situated near the interchange of Interstates 15 and 215, less than an hour from both San Diego and Orange counties. The site is close to major employers, including Abbott, Kaiser Permanente, Rady Children’s Hospital and Universal Health Services.
Aldea residents will be located 5 minutes from Murrieta’s downtown district. The community will be 10 minutes from Old Town Temecula, the historic and pedestrian-friendly downtown district of Temecula, Calif. Aldea will also be near the Temecula Wine Country, Promenade Temecula Mall and Pechanga Casino.
Expanding portfolio
At the beginning of the year, TPG Real Estate bought a majority interest in Quarterra. Lennar has retained a minority stake in the platform and will continue to consult on the management of the firm. Quarterra had previously entered a merger with RKW Residential, reaching a combined portfolio of roughly 52,000 multifamily units under management and more than $20 billion in total assets. The firm currently has $7.1 billion in multifamily assets under management.
Earlier this month, Quarterra and PGIM Real Estate began construction of Alexandria Crossing, a 385-unit community in Alexandria, Va. The project is slated for completion in 2028. It is the company’s first multifamily development in Alexandria and the second in Virginia. ING Capital is also the lead lender for this property.
The seven-story community will feature studio to three-bedroom units ranging in size from 398 to 1,378 square feet. Lennar is also expected to build 44 two-over-two townhomes and 33 for-sale traditional townhomes at the 7-acre site off U.S. Route 1.
On the sell side
In May, multiple outlets reported that Quarterra planned to sell more than 3,700 units spanning several markets in states such as California, New York, Connecticut, Texas, Colorado, Minnesota and Florida.
Earlier this month, Quarterra sold Residences Kierland, a 209-unit community in Scottsdale, Ariz., to MacNaughton, according to Yardi Matrix data. Nationwide issued a $90 million, five-year loan for the transaction, the same source shows. The property, located about 20 miles southwest of Phoenix, came online in 2023. T
Last month, Quarterra sold The Fynn, a 212-unit community in Elmhurst, Ill., for $85 million to the State Teachers Retirement System of Ohio. The development, situated about 19 miles east of downtown Chicago, was completed in 2021.
