Lennar sells majority control of multifamily division to TPG after years of losses
Lennar Corp., the country’s second-largest homebuilder, sold its majority stake in its multifamily development division to San Francisco-based asset management firm TPG. Lennar will hold onto a minority stake in Quarterra, and TPG Real Estate has agreed to invest $1 billion into the multifamily developer, and “potentially raise more capital for future growth,” the South Florida Business Journal reported. Lennar and TPG did not disclose the details of the deal. Homebuilders are facing weak demand brought on by high interest rates and affordability concerns, and the multifamily market is flaccid across most of the country. Miami-based Lennar reported $44 million […]This article originally appeared on The Real Deal. Click here to read the full story.
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