TPG Buys Majority Interest in Quarterra
The new owner also made an additional $1 billion investment alongside the acquisition.
TPG Real Estate has acquired a majority interest in Quarterra, the multifamily development subsidiary of homebuilder Lennar Corp. for an unspecified amount. Lennar has retained a minority stake in the platform and will continue to consult on the management of the firm.
Since its launch in 2011, Quarterra has delivered more than 43,000 rental homes across 34 metropolitan areas, and it has an additional 13,000 units in its development pipeline. Its legacy joint ventures were not included in the deal with Lennar. JLL Securities acted as financial adviser to both parties in the transaction.
The new owner’s priorities
TPG Real Estate, which has approximately $19 billion in assets under management, has made an additional $1 billion commitment in connection with the acquisition. The company also expects to raise additional capital to fund future growth of Quarterra’s multifamily pipeline. The focus will be on Emblem communities, whose goal is to develop “attainable” rental housing options nationwide.
The Emblem line consists of properties built through a programmatic approach aimed at reducing construction costs. As of 2025, Quarterra has delivered eight Emblem communities.
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Attainable housing can be a tricky proposition for developers, considering that the target is middle-income households that are nevertheless squeezed by a lack of lower-cost rental options. These kinds of developments don’t always – in fact frequently do not – qualify for public subsidies that housing for lower-incomes households do.
Brad Greiwe will continue as Quarterra’s CEO. Greiwe said in a statement that the recapitalized Quarterra will be better able to “expand access to quality housing nationwide.”
Earlier this year, Quarterra entered a merger with RKW Residential, the third party property management arm of Alfred. Combined, the platform oversees operations on some 52,000 multifamily units nationwide, representing more than $20 billion in assets.
