Program designed to deliver attainable options
for middle-income renters has delivered 7 communities, with 2
more under construction
CHARLOTTE, N.C.,
March 27,
2024 /PRNewswire/ -- Quarterra Multifamily, a
subsidiary of Lennar Corporation and a vertically integrated
multifamily apartment builder, developer and property manager,
today announced the continued growth and success of Quarterra
Emblem Communities with the opening of Emblem Shakopee, near Minneapolis, and Emblem Oswego, outside Chicago.
The two newest communities are the sixth and seventh
in Quarterra's Emblem portfolio, with 10 more Emblem
communities currently in the pipeline. Quarterra created the Emblem
program to help address the national shortage in supply of Class A
housing that is attainable for middle-income residents. The program
focuses on the development of suburban apartment housing across the
nation, with an emphasis on location.
"The Emblem program takes aim at the growing housing
attainability crisis facing renters in suburban markets, while
still meeting renter expectations for a modern, sophisticated
living experience," said Doug Bober,
Division President of Quarterra Emblem Communities. "Through
repeatable designs, we can produce a Class A product within
financial reach of middle-income professionals. The program's
success is exceeding expectations, raising the bar for
cost-effective rental housing development and shifting the
conversation on housing attainability."
Emblem property development deploys a programmatic approach that
utilizes consistent interior finishes from one Emblem community to
the next, features high-end materials like quartz countertops in
kitchens and baths, stainless steel appliances, and luxury vinyl
plank flooring. Amenity designs and property features such as
social rooms and fitness centers also follow a consistent
prototype. The focus on simplification and standardization
increases efficiencies with regard to cost and schedule, allowing
Emblem developments to reach the market within an expedited
timeframe.
To date, the Quarterra Emblem Communities pipeline includes:
- 1 community completed, leased up and sold
- 6 communities currently in lease-up (including Oswego and Shakopee)
- 2 communities currently under construction
- 8 in the planning stages
Through scale and repetition, Quarterra reduces the costs
associated with architectural and interior design, branding, labor
and materials procurement. With established prototyping and the
replication of processes, Quarterra is able to pass through that
cost savings to residents and address the housing needs of the
nation's missing middle demographic.
About Quarterra
Quarterra Group, Inc., a wholly-owned
subsidiary of Lennar Corporation (NYSE:LEN and LEN.B), is a
multi-strategy, real estate focused, alternative asset management
company comprised of two rapidly growing verticals: Multifamily and
Single-Family Rental. Launched in 2011, Quarterra Multifamily,
previously known as LMC, is among the nation's most active
developers, builders, and managers and has been on the National
Multi-Housing Council's (NMHC) annual Top 50 list for nine
consecutive years.
Quarterra creates extraordinary communities where people can
live remarkably.
www.Quarterra.com
Media
Contact
Marlena DeFalco
LinnellTaylor
Marketing
303-682-3943
marlena@linnelltaylor.com
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SOURCE Quarterra
