Lennar And TPG Real Estate Announce $1B Strategic Commitment As TPG Acquires Majority Stake In Quarterra

Transaction positions platform for future growth through backing by experienced real estate investor and leading nationwide homebuilder

Partnership focused on expanding supply of high-quality rental housing

Lennar Corporation (NYSE:LEN) ("Lennar"), one of the nation's leading homebuilders, and TPG Real Estate ("TPG") announced today that TPG has acquired a majority interest in Quarterra, an established developer of high-quality multifamily communities that combines institutional scale with local market expertise to deliver thoughtfully designed rental offerings in high-growth markets. Lennar has retained a minority stake in the platform and continues to provide differentiated insights and synergies to Quarterra.

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—a signature strategy dedicated to the development of attainable, high-quality rental housing options nationwide. TPG and Lennar will work alongside Quarterra management to take the established platform to its next stage of growth while addressing the urgent need for accessible, attainable housing across the U.S.

As Quarterra embarks on this next chapter, Brad Greiwe will continue to steer the company as CEO, bringing his proven track record of tech-forward leadership and innovation to further strengthen Quarterra's growth and impact.