TPG Angelo Gordon Buys Large Plot in SoCal for $34M
By Nick Trombola December 18, 2023 2:43 pm
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Alternative investment firm TPG Angelo Gordon has acquired a large plot of land in Southern California’s Inland Empire.
The firm, in association with homebuilder Toll Brothers, purchased over 46 acres of land in Palm Desert for $34.3 million from an entity that shares an address with Koart Residential, according to data sourced from Vizzda. Located a few miles southeast of Downtown Palm Springs, the property consists of 169 single-family lots. The land is a part of University Park, which encompasses a larger area and includes 1,069 units in a mix of single-family and multifamily homes.
Toll Brothers recently began advertising single-family homes to be built at a new community in Palm Desert, which it calls Alara at University Park. Those homes range in size from roughly 1,900 square feet to 2,500 square feet.
Toll Brothers holds an option to acquire the lots from TPG Angelo Gordon through March 20, 2027, per Vizzda. Toll Brothers could immediately be reached, while TPG Angelo Gordon declined to comment. The TPG Angelo Gordon moniker is a new one after private equity firm TPG acquired Angelo Gordon in early November in a deal valued at $2.7 billion.
Homebuyers in the Greater Los Angeles area have begun moving eastward in recent years due to the extraordinarily high cost of living in the region. The median price of an average-size detached home in the Coachella Valley was $635,000 last month, according to a housing report from local realtor Kevin Stanley. Though still pricey, this is significantly more affordable than the median $1.02 million sale price of a home in Los Angeles last month, according to Redfin.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
