Lennar’s multifamily business, Quarterra, is shopping a nearly 4,000-unit portfolio with units across eight states.

Quarterra has hired JLL to market 3,746 units across 10 buildings. It is looking for someone to take some or all of the properties but is open to individual property sales, CoStar Group reported.

It’s the second large portfolio sell-off in two years and a sign that Quarterra and new majority owner TPG Real Estate are working to rejigger the business’ overall portfolio. Quarterra posted losses of $75M in 2025.

TPG announced in January that it intended to take a majority stake in Quarterra, backed by a $1B capital commitment, giving the private equity firm operational control, while Lennar retains a minority position and strategic involvement.

Proceeds from the portfolio sale will likely go toward funding the construction of thousands of units in Quarterra’s pipeline, according to CoStar.

The properties for sale are in New York, Connecticut, Colorado, Minnesota, Illinois, Florida, and two each in Texas and California. They range from 189 units to 500 units and are four years old on average, according to CoStar.

Multifamily landlords are bracing for a rough year ahead, despite the flood of new deliveries slowing to a trickle and strong lease renewals.

Average rents in the U.S. increased by just 0.3% year-over-year in April to $1,641 per month, according to Apartments.com. Some regions are outperforming others, with Midwestern states posting positive rent growth, while the Sun Belt and the Southwest posted drops in average rents.