TPG Angelo Gordon Has Huge Resi Plans for Suburban SoCal
Almost 600 homes in the works after $115M land acquisitions
By Greg Cornfield December 22, 2023 3:05 pm
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TPG Angelo Gordon is placing a huge bet on Southern California’s Inland Empire.
The firm has put down nearly $115 million for more than 53 acres of undeveloped land in two deals in Ontario, Calif., that come with separate plans for nearly 600 residential units total, from townhomes to single-family homes, according to data compiled by Vizzda. These deals closed shortly after the same firm put down $34.4 million for land containing 169 single-family lots in Palm Desert.
In the largest of the land deals, TPG Angelo Gordon paid $65.1 million to acquire 30 acres at the southwest corner of Hamner and Edison avenues, which includes a proposed project calling for 333 residential units. Entities tracing to Richland Communities sold the property, according to Vizzda.
Additionally, TPG Angelo Gordon paid $49.6 million to acquire 23 acres of land at 13150 Archibald Avenue from Lennar Homes. The site includes a proposed development for 126 row townhomes, 83 single-family detached units, and 56 traditional single-family homes. Lennar Homes had purchased this project less than two months ago for $16 million, according to Vizzda.
TPG Angelo Gordon declined to comment. (The moniker is a month old after private equity firm TPG acquired Angelo Gordon in early November for $2.7 billion.)
The projects will dramatically bolster the housing market in San Bernardino County as multifamily development has slowed significantly with just 571 units delivered throughout the Inland Empire through October this year, according to a recent report.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
