NEWPORT BEACH, Calif. & MINNEAPOLIS--(BUSINESS WIRE)--Isles Ranch Partners, LLC and TPG Credit Management, L.P. today announced their partnership has recently completed five new real estate acquisitions in Scottsdale, Arizona; Charlotte, North Carolina; and Tiburon, San Juan Capistrano, and Rancho Mirage, California. Isles Ranch Partners and TPG Credit, both alternative investment firms, formed a strategic partnership in August 2012. Since inception, $105 million has been committed in capital to nine transactions by Isles Ranch Partners and by funds for which TPG Credit serves as investment manager. The five new acquisitions were closed with four different homebuilding or developer operating partners, two of which were new partners. Isles Ranch and TPG Credit are currently working with a total of five operating partner relationships across their portfolio with several others in the pipeline.
"We are pleased to announce these five new acquisitions and two new operating partners as we expand our platform throughout the United States," said Tom Orradre, Managing Partner of Isles Ranch Partners.
"We continue to grow our team and look for new operating partners to capitalize on our significant momentum as evidenced by these five new acquisitions and our robust deal pipeline," added Neal Johnson, Managing Partner of Isles Ranch Partners.
“We are very pleased with the quality and strength of both the investments themselves and the developers and builders in our operating partnerships. We remain dedicated to investments in residential land acquisitions, development and home construction in core markets across the U.S.,” stated Kevin Hackler, Managing Director and Portfolio Manager at TPG Credit.
The five new deals closed by the strategic partnership include:
- Pinnacle Pointe – Family Development: Acquisition in partnership with Family Development of 68 finished single-family townhome lots at Pinnacle Pointe in Scottsdale, Arizona.
- Bryton – LStar Management: Acquisition in partnership with LStar Management of approximately 1,400 residential lots and 4 acres of commercial land on 186 partially developed acres of the mixed-use property in the Bryton development in Huntersville, North Carolina, within the Charlotte MSA.
- Rancho Mirage – Family Development: Acquisition in partnership with Family Development of 32 partially finished single-family lots at Revel at Clancy Lane in Rancho Mirage, California.
- The Oaks Farms – Davidson Communities: Acquisition in partnership with Davidson Communities of 32 undeveloped single-family lots at The Oaks Farms in San Juan Capistrano, California.
- Paradise Cay – Bekirk Enterprises: Acquisition in partnership with Bekirk Enterprises of 12 substantially finished single-family lots at Paradise Cay in Tiburon, California.
About Isles Ranch Partners, LLC
Isles Ranch Partners targets opportunistic, value-driven investments primarily in the residential acquisition, development and construction (AD&C) space. Founded in August 2012, the firm has offices in Newport Beach, California and Minneapolis, Minnesota. For additional information, please visit www.islesranch.com.
About TPG Credit Management, L.P.
TPG Credit is a global institutional alternative investment firm focused on deep value, asset rich opportunities in dislocated industries. Formed in 2005 by Rory O'Neill, TPG Credit today manages several funds with an aggregate of $2.3 billion of assets under management. TPG Credit has a total of 51 professionals based in its Minneapolis, Minnesota and London offices. For more information please visit www.tpgcredit.com or contact TPG Credit at (612) 851-3150.
About Family Development
Founded in 2003, Family Development is a privately held development and homebuilding company with offices in Palm Desert, California and Scottsdale, Arizona. With projects representing approximately $400 million in sales revenue, the company has been responsible for delivering over 1,000 homes and developing land for many more. Their sales volume, coupled with the company’s impeccable reputation, makes Family Development one of the more successful private homebuilding firms in the western United States. For more information visit www.familydevelopmenthomes.com or call (760) 900-8989.
About LStar Management
Based in Raleigh, North Carolina, LStar is a real estate investment firm that specializes in acquiring outstanding partially developed and undeveloped residential communities. The firm has partnered with some of the country's pre-eminent private equity and wealth management funds to acquire assets across the country.
LStar's senior staff has more than 350 years combined experience in the disciplines of land acquisition, project/asset management, site development, design, planning, permitting, real estate law, finance and construction. As of Q1 2013, LStar has closed on over 16,000 residential units. For more information visit: http://www.LStarland.com.
About Davidson Communities
Davidson is one of the leading residential real estate companies in the western United States. The company designs, builds and markets single-family and multi-family housing that meets diverse living needs, and develops master-planned communities that stand the test of time. Since 1978, Davidson Communities has completed over 40 residential projects and built nearly 5,000 homes. Davidson is headquartered in Del Mar, California with homebuilding operations focused on the San Diego, Orange County, Los Angeles and Inland Empire markets.
About Bekirk Enterprises
Bekirk Enterprises was formed by Kevin Kirk in 1997 and has been active in the acquisition, entitlement, development and construction of projects throughout Northern and Southern California. Mr. Kirk and his team have an extensive amount of experience in the homebuilding industry across a number of disciplines. The senior principals, Kevin Kirk and Bob Kalmbach, each have over 30 years of experience with the majority of their careers spent at KB Home Corporation.