Lennar Corp. has put on the market a massive apartment portfolio consisting of 11,000 communities that could fetch $4.5 billion, Bloomberg Law has reported, citing people familiar with the transaction. The apartments are operated through a subsidiary, Quarterra, the sources said, with one person reporting that Lennar is open to breaking up the portfolio into smaller sales. JLL has been tapped to manage the sale.

The potential sale or sales come as the multifamily industry is dealing with a shifting set of fundamentals. Median asking rents just posted their biggest annual drop since February 2020, falling year-over-year in November by 2.1%, according to Redfin.

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