Quarterra Multifamily Announces the Continued Growth of its Emblem Communities Development Program
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.
Media Contact
Marlena DeFalco
LinnellTaylor Marketing
303-682-3943
marlena@linnelltaylor.com
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SOURCE Quarterra
