TPG Acquires Majority Stake in Quarterra, Lennar Retains Minority Interest

TPG Real Estate has acquired a majority interest in Irving, Texas-based multifamily developer Quarterra, excluding its legacy joint ventures. Lennar Corp. will retain a minority stake, and TPG has made a $1 billion strategic commitment to fund future growth and development of Quarterra's multifamily pipeline, including its Emblem communities. Quarterra has delivered over 43,000 rental residences nationwide and has approximately 13,000 units in development.