IRA Capital Sheds 24-Acre SoCal Resi Conversion Site for $232M

A 24-acre office campus in Irvine, Calif., slated for residential redevelopment has traded hands for more than double what the seller paid for it just three years ago, marking one of Orange County’s priciest property sales over the past 12 months. 

A joint venture between TPG Angelo Gordon and a Lennar affiliate paid $232.1 million for the Von Karman Creative Campus, a nine-building, 433,000-square-foot office complex, PropertyShark records show. Seller IRA Capital purchased the site for $102.4 million in early 2023, per reports at the time. 

Without including entitlements, the sale shakes out to about $9.6 million per acre. 

The campus at 16715-16969 Von Karman Avenue was about 60 percent leased at the time of its 2023 sale, though IRA identified the property as viable for residential redevelopment, and secured entitlements for 426 for-sale homes, per Traded, which first reported the news. 

Representatives for TPG Angelo Gordon and IRA did not immediately respond to requests for comment. A spokesperson for Lennar declined to comment.

The price paid by the JV is among the highest for any one property in Orange County over at least the past 12 months. Last April, Miami-based development firm Crescent Heights spent $240 million for Essex Property Trust’s Skyline at MacArthur Place, a pair of residential towers in Santa Ana with a total of 350 units. That deal was the fourth most expensive multifamily sale in Orange County history, per CoStar. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.